Market Analysis: Bitcoin now more tightly aligns with the commodity copper than the S&P 500 or Nasdaq. GWilliamsJr_CMT reports
Bitcoin's price now correlates more strongly to copper futures than to traditional equity indexes.
Why has traditional equities’ relationship with copper weakened over the last two months? As early as Oct 6, the S&P 500’s correlation was as high as 0.86 before falling to its current level of 0.14. Given the decoupling and the price of copper itself, traders may be expecting a reversion to equities, and may place trades accordingly.
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