empty
 
 
07.02.2022 06:09 PM
Bitcoin: S&P 500 index correlation and another potential driver for growth

Correlation with the stock market for bitcoin is a double-edged sword. Despite all the bearish fears, the main cryptocurrency rose on Friday, and today it passed the $40,000 - $42,000 zone per coin.

Analytics firm Santiment tweeted that Bitcoin could continue to rise if the S&P 500 rises on Monday.

Since the beginning of the year, it has become clear that bitcoin has become closely correlated with the traditional stock market. Santiment emphasized that "Bitcoin has an incredibly close tie to the volatile S&P 500," and traders are keeping a close eye on this index, expecting that if it goes up, the major cryptocurrency will follow.

BTCUSD rises in response to liquidation of futures

On Saturday, Chinese crypto journalist Colin Wu tweeted that the bears had liquidated $90 million worth of BTC futures. This, in his opinion, may indicate that the increase above $41,600 at the beginning of the weekend was mostly driven by the spot market.

Now the key zone that will determine the direction of BTCUSD will be the range between $40,000 and $42,000 per coin. It is broken, but it is also important to consolidate higher. But even after it, one should be careful with subsequent growth forecasts. We are now heading for the $45,744.38 level. And overcoming this mirror horizontal will be a good sign that crypto bulls are regaining power over the market. There it will already be possible to expect $50,000 - $52,000 per coin from the main cryptocurrency.

Acceptance of Bitcoin as legal tender in the U.S.

In addition to the correlation, there is also intriguing news regarding the cryptocurrency. Mike Alfred, venture capitalist and former founding CEO of BrightScope and Digital Assets Data, said on Twitter that at least one U.S. state is likely to accept Bitcoin as legal tender this year.

Alfred wrote that several states - Arizona, Texas, California, and Michigan - participate in the elections. He wrote that as soon as one of them makes a statement about the acceptance of BTC, its price can soar to new all-time highs.

In the comment thread, Alfred also posted a link to a petition to help vote for the adoption of Bitcoin as legal tender.

This image is no longer relevant

Ekaterina Kiseleva,
الخبير التحليلي لدى شركة إنستافوركس
© 2007-2024
كسب عائد من تغيرات أسعار العملات المشفرة مع إنستافوركس.
قم بتحميل منصة التداول ميتاتريدر 4 وافتح أول صفقة.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    انضم إلى المسابقة
  • إيداع الحظ
    قم بإيداع 3,000 دولار في حسابك واحصل على $3,000 وأكثر من ذالك!
    في نوفمبر نحن نقدم باليانصيب $3,000 ضمن حملة إيداع الحظ!
    احصل على فرصة للفوز من خلال إيداع 3,000 دولار في حساب تداول. بعد أن استوفيت هذا الشرط، تصبح مشاركًا في الحملة.
    انضم إلى المسابقة
  • تداول بحكمة، اربح جهازا
    قم بتعبئة حسابك بمبلغ لا يقل عن 500 دولار ، واشترك في المسابقة ، واحصل على فرصة للفوز بأجهزة الجوال.
    انضم إلى المسابقة
  • بونص 100٪
    فرصتك الفريدة للحصول على بونص 100٪ على إيداعك
    احصل على بونص
  • بونص 55٪
    تقدم بطلب للحصول على بونص 55٪ على كل إيداع
    احصل على بونص
  • بونص 30٪
    احصل على بونص 30٪ في كل مرة تقوم فيها بتعبئة حسابك
    احصل على بونص

المقالات الموصى بها

لا تستطيع التحدث الآن؟
اطرح سؤالك في الدردشة.
Widget callback