This article will take a closer look at the rising correlation between Bitcoin price and US tech stocks. It will also discuss the potential reasons behind this uptick and the impact of macroeconomic events on BTC price should this correlation remain high.Altcoin mania and Bitcoin ETF approval remain hot topics; here’s what to expect this weekThe correlation between Bitcoin price and stocks, especially the S&P 500, has seen a considerable uptick in the last two weeks.
On the other hand, the tech stocks earnings report in June and July have caused the indices to rally, which could also be a reason why the correlation has spiked. showed that inflation rose at a slower-than-expected headline rate of 3.2%. With that in mind, Goldman Sachs analysts are penciling the interest rate cuts to start in the second quarter of 2024. lead analyst Eren Sengezer notes that there is still a possibility that the Fed “could raise interest rates once again in November or December. Sengezer further adds that,
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Source: Cointelegraph - 🏆 562. / 51 Read more »