{"id":432796,"date":"2020-07-30T20:00:58","date_gmt":"2020-07-30T20:00:58","guid":{"rendered":"https:\/\/wncen.com\/?p=432796"},"modified":"2024-06-11T14:05:53","modified_gmt":"2024-06-11T14:05:53","slug":"bitcoin-stock-market-correlation-gold","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-stock-market-correlation-gold\/","title":{"rendered":"Why Bitcoin Ditching Stock Market Correlation For Gold Is Bullish for BTC"},"content":{"rendered":"

Bitcoin price<\/a> this week exploded from its tightening consolidation range and within a day, broke through resistance at $10,000 and touched $11,400. The breakout followed gold setting a new record<\/a>, rather than staying lock and step with stocks as the crypto asset has as of late.<\/p>\n

Comparison charts show that the leading cryptocurrency by market cap may have ditched its correlation with the S&P 500<\/a> in favor of the soaring precious metal. If this is the case, this will benefit the entire crypto space \u2013 here’s why.<\/p>\n

Bitcoin Swaps Correlation With S&P 500 For Gold<\/h2>\n

Gold set a new all-time high this week<\/a>, just ahead of the United States government revealing details of their latest efforts to stimulate the economy.<\/p>\n

The dollar dumping, as a result, sent safe haven assets like precious metals soaring as more money supply poured into the already flooded market.<\/p>\n

The latest round of stimulus<\/a> adds another $1 trillion to the Fed’s balance sheet, prompting investors to flock toward assets that could act as a hedge against the expected inflation. Bitcoin has been recently called the “fastest horse in the race against inflation” by billionaire hedge fund manager Paul Tudor Jones.<\/p>\n

Related Reading | Gold Rally Peaks: 5 Reasons Bitcoin Will Likely Outperform The Precious Metal<\/a><\/strong><\/em><\/p>\n

In this latest shakeup in the dollar, not only did gold benefit but so did Bitcoin. In fact, Bitcoin more closely followed gold’s reaction to the continued printing of money supply than it did to the stock market.<\/p>\n

The leading cryptocurrency by market cap has been uncannily correlated to the S&P500 since Black Thursday<\/a>. But as the dollar collapsed this week, the correlation appears to have ended.<\/p>\n

\"bitcoin<\/p>\n

BTCUSD \/ SPX \/ XAUUSD Correlation Comparison Chart | Source: TradingView<\/a><\/pre>\n
How The Crypto Market Will Benefit From Comparison With Precious Metals<\/h2>\n
The stock market correlation<\/a> caused Bitcoin and the rest of the crypto market to crash mid-March, just as the assets had been breaking out of bear market resistance<\/a>. The FUD related to the pandemic proved to be too much for any asset, for that matter.<\/p>\n
Stocks, crypto, and even precious metals collapsed. All markets rebounded sharply, but none of them have performed as well as gold. And as of this past week, Bitcoin.<\/p>\n
The crypto asset’s correlation with the stock market<\/a> has held Bitcoin back for several weeks. It has also acted as an ominous dark cloud hanging over the industry, where a second-leg down scenario in stocks could have led to a lower low in crypto.<\/p>\n
Related Reading | How The US-China Capital War a Billionaire Warns Of Could Benefit Bitcoin<\/a><\/strong><\/em><\/p>\n
Gold shining so brightly, and the cryptocurrency sharing so many similarities with the precious metal may have finally helped investors see through the storm and realize the asset’s potential.<\/p>\n
No longer being at risk of getting dragged down by stocks<\/a> in another massive drop scenario, is yet another way the greater crypto market will benefit from the return to anti-correlation with stocks.<\/p>\n
\"silver<\/p>\n
XAGUSD \/ Altcoin Market Cap Correlation Comparison Chart | Source: TradingView<\/a><\/pre>\n
It’s not just BTC suddenly correlating more closely with gold, altcoins and silver are showing a shockingly similar chart pattern. Could altcoins be proving to be the silver counterpart to Bitcoin as digital gold?<\/p>\n
The more these crypto assets join the safe haven conversation alongside precious metals, the narrative for the next bull market could be right under our noses.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price this week exploded from its tightening consolidation range and within a day, broke through resistance at $10,000 and touched $11,400. The breakout followed gold setting a new record, rather than staying lock and step with stocks as the crypto asset has as of late. Comparison charts show that the leading cryptocurrency by market cap may have ditched its correlation with the S&P 500 in favor of the soaring precious metal. If this is the case, this will benefit the entire crypto space \u2013 here’s why. Bitcoin Swaps Correlation With S&P 500 For Gold Gold set a new all-time high this week, just ahead of the United States government revealing details of their latest efforts to stimulate the economy. The dollar dumping, as a result, sent safe haven assets like precious metals soaring as more money supply poured into the already flooded market. The latest round of stimulus adds another $1 trillion to the Fed’s balance sheet, prompting investors to flock toward assets that could act as a hedge against the expected inflation. Bitcoin has been recently called the “fastest horse in the race against inflation” by billionaire hedge fund manager Paul Tudor Jones. Related Reading | Gold Rally Peaks: 5 Reasons Bitcoin Will Likely Outperform The Precious Metal In this latest shakeup in the dollar, not only did gold benefit but so did Bitcoin. In fact, Bitcoin more closely followed gold’s reaction to the continued printing of money supply than it did to the stock market. The leading cryptocurrency by market cap has been uncannily correlated to the S&P500 since Black Thursday. But as the dollar collapsed this week, the correlation appears to have ended. BTCUSD \/ SPX \/ XAUUSD Correlation Comparison Chart | Source: TradingView How The Crypto Market Will Benefit From Comparison With Precious Metals The stock market correlation caused Bitcoin and the rest of the crypto market to crash mid-March, just as the assets had been breaking out of bear market resistance. The FUD related to the pandemic proved to be too much for any asset, for that matter. Stocks, crypto, and even precious metals collapsed. All markets rebounded sharply, but none of them have performed as well as gold. And as of this past week, Bitcoin. The crypto asset’s correlation with the stock market has held Bitcoin back for several weeks. It has also acted as an ominous dark cloud hanging over the industry, where a second-leg down scenario in stocks could have led to a lower low in crypto. Related Reading | How The US-China Capital War a Billionaire Warns Of Could Benefit Bitcoin Gold shining so brightly, and the cryptocurrency sharing so many similarities with the precious metal may have finally helped investors see through the storm and realize the asset’s potential. No longer being at risk of getting dragged down by stocks in another massive drop scenario, is yet another way the greater crypto market will benefit from the return to anti-correlation with stocks. XAGUSD \/ Altcoin Market Cap Correlation Comparison Chart | Source: TradingView It’s not just BTC suddenly correlating more closely with gold, altcoins and silver are showing a shockingly similar chart pattern. Could altcoins be proving to be the silver counterpart to Bitcoin as digital gold? The more these crypto assets join the safe haven conversation alongside precious metals, the narrative for the next bull market could be right under our noses.<\/p>\n","protected":false},"author":517,"featured_media":432798,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,78790,6664,2209,5845,79473,74877,4524,76835],"class_list":["post-432796","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-gold","tag-precious-metals","tag-xau","tag-xauusd","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nWhy Bitcoin Ditching Stock Market Correlation For Gold Is Bullish for BTC<\/title>\n<meta name=\"description\" content=\"Bitcoin price this week exploded from its tightening consolidation range and within a day, broke through resistance at $10,000 and touched $11,400. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/wncen.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Bitcoin Ditching Stock Market Correlation For Gold Is Bullish for BTC","url":"http:\/\/wncen.com\/news\/bitcoin-stock-market-correlation-gold\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-stock-market-correlation-gold\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/07\/bitcoin-gold-stock-market-correlation-Depositphotos_14234469_xl-2015-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/07\/bitcoin-gold-stock-market-correlation-Depositphotos_14234469_xl-2015-scaled.jpg?fit=2560%2C1171"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","btcusdt","crypto","gold","precious metals","xau","xauusd","xbt","xbtusd"],"dateCreated":"2020-07-30T20:00:58Z","datePublished":"2020-07-30T20:00:58Z","dateModified":"2024-06-11T14:05:53Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Bitcoin Ditching Stock Market Correlation For Gold Is Bullish for BTC\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-stock-market-correlation-gold\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-stock-market-correlation-gold\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/07\\\/bitcoin-gold-stock-market-correlation-Depositphotos_14234469_xl-2015-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/07\\\/bitcoin-gold-stock-market-correlation-Depositphotos_14234469_xl-2015-scaled.jpg?fit=2560%2C1171\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"btcusdt\",\"crypto\",\"gold\",\"precious metals\",\"xau\",\"xauusd\",\"xbt\",\"xbtusd\"],\"dateCreated\":\"2020-07-30T20:00:58Z\",\"datePublished\":\"2020-07-30T20:00:58Z\",\"dateModified\":\"2024-06-11T14:05:53Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/07\/bitcoin-gold-stock-market-correlation-Depositphotos_14234469_xl-2015-scaled.jpg?fit=2560%2C1171","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/432796"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=432796"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/432796\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/432798"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=432796"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=432796"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=432796"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}