Why stocks may send Bitcoin price back to $50K before October
Bitcoin and SPX share a high correlation index as the U.S. stock approaches a new all-time high a day before the Fed cuts interest rates.
Bitcoin’s (BTC) price has recovered swiftly over the past 12 hours, reclaiming the $61,000 level, after the S&P 500 reached a new all-time high.
The market is currently bracing for volatility ahead of the Federal Open Market Committee (FOMC) meeting and rate cut announcements, which will likely impact both the U.S. stock market and the cryptocurrency industry.
Related: Markets see 0.5% Fed rate cut — 5 Things to know in Bitcoin this week
Bitcoin and SPX share a high correlation index as the U.S. stock approaches a new all-time high a day before the Fed cuts interest rates.
Bitcoin’s (BTC) price has recovered swiftly over the past 12 hours, reclaiming the $61,000 level, after the S&P 500 reached a new all-time high. The market is currently bracing for volatility ahead of the Federal Open Market Committee (FOMC) meeting and rate cut announcements, which will likely impact both the U.S. stock market and the cryptocurrency industry.Related: Markets see 0.5% Fed rate cut — 5 Things to know in Bitcoin this weekRead more