Bitcoin (BTC) and the S&P 500 share index currently correlate as weakly as they have not done for two months. While the BTC has recaptured the 9,500 US dollar, the index is in the red.

In mid-March the Bitcoin (BTC) price fell in line with the stock markets. It looked as if the crypto currency was not as stable in times of crisis after all, as many commentators had assumed before the Corona panic.

At the beginning of the year, on the other hand, there was still frequent talk that Bitcoin could serve as a „safe haven“ in the crisis. This would have been seen, for example, in the price rises following the escalations in the conflict between the USA and Iran at the beginning of January.

Decoupling of Bitcoin (BTC) and stock markets

Now, however, this way of thinking could experience a renaissance, because Bitcoin and the stock markets are apparently decoupling from each other again: Today, for example, BTC rose by about six percent to around 9,600 US dollars, which would make up for the losses from the crash last Sunday night. The German stock index Dax, on the other hand, is currently down a good 2.5 percent, and its US counterpart, the S&P 500, also lost a good one percent.

Of course, the observation of a single day is of little value, but according to the news site The Block, this is an actually measurable trend and not a mayfly: According to it, the correlation between Bitcoin and the S&P 500 is currently only at an insignificant 0.15. On April 16, the correlation was still at 0.53. According to The Block, we currently have the lowest correlation in two months.

Correlations are quoted at a value between 1.0 and -1.0. At 1.0, the prices of two assets behave in exactly the same way, whereas at -1.0 they behave in exactly the opposite way.