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Bitcoin Price Continues To Drop With Seven Daily Red Candles – Bitcoin Magazine

Bitcoin Price Continues To Drop With Seven Daily Red Candles - Bitcoin Magazine

The below is an excerpt from a recent edition of Bitcoin Magazine Pro, Bitcoin Magazines premium markets newsletter. To be one of the first to get these insights and other on-chain bitcoin market analysis delivered straight to your inbox, Subscribe now.

Bitcoin and the S&P 500

In our latest monthly report, which covered in detail the evolving macroeconomic environment, we highlighted the strong correlation between bitcoin and equities over the course of 2020, while also referring to bitcoin as a quasi-24/7/365, inverse VIX ( currently). In general, this means that when stocks bid, bitcoin has also taken a lift; and when stocks sell (probably alongside a rise in the VIX), bitcoin would also come under downward pressure.