That's right, the correlation between Bitcoin and U.S. stocks is hitting a record high
On March 12, due to the panic caused by the rapid spread of New Coronary Pneumonia, the price of bitcoin fell sharply on a single day, and the rest of the cryptocurrencies generally followed suit. Most cryptocurrencies fell more than 30% weekly.
[Source: Coin Metrics Reference Rates](https://preview.redd.it/ykvu5ske8fn41.png?width=800&format=png&auto=webp&s=3eb7c26d817c3246f948e02b05dd497eb0774b6a)
The latest Coinmetrics report analyzes the reasons for the crash, specifically pointing out that the correlation between Bitcoin and S & P hit a record high. At the same time, data shows that short-term investors have promoted the large-scale selling of cryptocurrencies.
相关 BTC and S & P correlation reach record high
历史 BTC's historic one-day price decline coincided with the worst day in the US stock market since 1987. On March 12, the Pearson correlation coefficient between BTC and the S & P 500 soared to an all-time high of 0.52, the previous record high of 0.32. This shows that the crypto asset market is increasingly connected to existing traditional markets and is more sensitive to external events than ever before.
[Source: Coin Metrics Reference Rates](https://preview.redd.it/25xmd7mj8fn41.png?width=800&format=png&auto=webp&s=c581d8302e8b60b70fc11715c777a3f1c1995082)
Over the past week, the bitcoin price has responded to several key events, including President Trump's announcement of a 30-day travel ban between the United States and Europe, and the Federal Reserve's announcement to reduce the federal benchmark interest rate to 0.00% -0.25% Levels and more. Below is a comparison of the timing of some key events over the past week with the price of Bitcoin.
[Source: Coin Metrics Reference Rates](https://preview.redd.it/a8qt5s8o8fn41.png?width=687&format=png&auto=webp&s=b1907d448f1c442dadcef94e6c49f361623ac826)
BTC sellers seem to be mainly short-term holders
According to the data on the blockchain, the recent sell-off of...
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