Advertisement
AD

Main navigation

Important Pivotal Bitcoin (BTC) Data Shared by Bloomberg's Mike McGlone

Advertisement
Mon, 11/11/2024 - 16:00
Important Pivotal Bitcoin (BTC) Data Shared by Bloomberg's Mike McGlone
Cover image via www.youtube.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Mike McGlone, the senior commodities strategist at Bloomberg Intelligence, has taken to his profile on the X social media platform (widely famous as Twitter in the past) to share part of the recent Bloomberg report.

Advertisement

This document mentions new Bitcoin data after the flagship cryptocurrency has reached yet another historic price peak. It talks about not only a change in the Bitcoin market situation but of that of gold, its physical rival, too.

Related

"Bitcoin-to-Beta correlation is high"

McGlone tweeted that, currently, the Bitcoin-to-Beta correlation has increased. Particularly, BTC’s 60-day correlation to the S&P 500 index has reached roughly 0.60 - “the highest ever on the way up.”

Advertisement

This “may suggest what’s driving up the crypto” now, McGlone wrote. Recently, this major stock market index has been on the rise, and so has Bitcoin, printing new all-time highs one after another. Last week, BTC first reached $75,000, then quickly surpassed $79,000. Earlier today, the pioneer cryptocurrency surged above the $82,000 price level. A new record peak was set at $82,490 a couple of hours ago.

Still, this increased correlation may suggest that Bitcoin has become more sensitive to stock market dynamics and to higher-risk assets on the stock market as well.

Related

In the meantime, Bloomberg’s expert also says that gold’s connection to the stock market is close to zero, meaning that “Bitcoin has been trading more like a leveraged version of beta than a digital version of gold.”

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD