🔥The 30-day correlation between #Bitcoin (BTC) and the S&P 500 has surged to 0.69, its highest since October 2022.
The chart shows that the correlation ranges from -0.6 to 0.8, with 1 being a perfect correlation and 0 being no correlation.
The current high correlation implies that investors are viewing Bitcoin and stocks as having the same level of risk and return.
This correlation may persist until the Federal Open Market Committee (FOMC) meeting on September 18. Traders may remain cautious, waiting for the interest rate decision.
Thus, the confirmation of a rate cut will affect both Bitcoin and the stock market in the near future.
