Bitcoin's Rise to $61.2k: Correlation with Stock Market

IconCryptoNewsTerminal Staff29 Aug, 2024

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Bitcoin's Rise to $61.2k: Correlation with Stock Market

Bitcoin reached $61.2k today as the U.S. stock market surged. The correlation between these asset classes is evident, with Bitcoin often rallying when it exhibits independence. Santiment, an on-chain analytics platform, highlights the significant correlation between Bitcoin and stocks. The platform suggests that Bitcoin's strength stems from its ability to operate autonomously, rather than relying heavily on other assets.