The price of Bitcoin (BTC) has also risen, while US stock markets have risen cautiously in the past 48 hours. The current correlation between Bitcoin and U.S. exchanges has become even more intense, citing the strong momentum in the cryptocurrency market.
Bitcoin has been significantly correlated with the S&P 500 since April. Bitcoin and stock markets also fell together as all asset classes depreciated in the first quarter of 2020.
Buyers upgrade Bitcoin
The correlation between exchanges and Bitcoin caused Bitcoin to rise to $12,400 last week. Bitcoin gained 3.2 percent to $12,486 from $11,775 on August 17.
Sunday analysis firm CryptoCompare researchers said buyers had actively promoted Bitcoin in the past 48 hours:
“The rate of Bitcoin received above $12,000 compared to what was sold before the first move suggests buyers are on the rise. Similarly, that rate rose in the second rally. “
U.S. stock markets also rose in the past two days.
Tesla, Alphabet, and Amazon shares were up 11.2 percent, 0.77 percent, and 1.09 percent, respectively.
Will it fall in September?
The price of Bitcoin continues to rise along with the exchanges, but some analysts think it should be cautious in September. Bitcoin performed its worst in September, according to historical data.
Cryptocurrency analyst Edward Morra suggested there could be turmoil in the market if both US stocks and Bitcoin fall as gold:
“If BTC and SPX fall like gold, Bitcoin will experience a slight correction in September and SPX in November. September and November elections, bitcoin’s worst-performing month, could complicate things at SPX. “
