Bitcoin's Positive Correlation with US Stocks Intensifies as Risk Appetite Returns to Cryptocurrency Market
Publication Time:2024-08-26 19:56:08
As Federal Reserve Chairman Jerome Powell hinted at a possible interest rate cut during his speech at Jackson Hole, global financial markets responded positively. Risk assets generally rose, and Bitcoin, as one of the major risk assets, attracted market attention. Under this backdrop, the price of Bitcoin surged to $65,000, marking its second-largest single-day gain since May, at 6.06%. This rally occurred during a period when the positive correlation between Bitcoin and the US stock market was intensifying. Since hitting a low point in early August, Bitcoin's performance had been relatively weak; however, the recent price spike signifies that risk appetite is beginning to return to the market. Notably, Bitcoin's relative performance compared to stocks has improved, particularly this Friday, when the correlation saw a significant rise, further confirming the shift in market sentiment.
Bitcoin
Federal Reserve
US Stocks
Risk Appetite
Positive Correlation