Global stocks surged on Thursday, driven by the US-China trade optimism. Elsewhere, British Prime Minister Boris Johnson’s historic win boosted the UK and European stocks. Markets have now become volatile, but what about Bitcoin? Let’s briefly analyze the two medium-term scenarios.
Stock Rally Might Boost Investors’ Appetite for Cryptos
Usually, Bitcoin has shown no correlation to traditional assets, including stocks. However, in the last few months, several ups and downs in the S&P 500 index, which tracks 500 of the largest US companies, coincided with Bitcoin trends, though at different scales. You can check some of the latest correlations in the chart below:
Yesterday, the S&P 500 index, along with NASDAQ, updated the record high after the US agreed to ink an interim trade deal with China. Dow Jones is fluctuating near its…