The trend began to alter, however, in September, when Bloomberg analysts called attention to the growing link between BTC and the S&P 500 index.
Although the correlation coefficient increased to 0.72, it is still significantly below the record levels set in May following the failure of the Terra project.
Over the previous few weeks, the cryptocurrency market has been declining. On September 22nd, the price of one bitcoin dropped to $18,931. The largest digital currency’s capitalization dropped to $362.667 billion on a weekly basis.
Both Binance Coin (BNB) and Ether (ETH) dropped to $1,277 and $266, respectively. Over the previous day, the prices of Cardano (ADA), Solana (SOL), and Dogecoin (DOGE) decreased by 3% to $0.448, $31.79, and $0.0585, respectively. Market value dropped to $919.094 billion.
According to John Porter of Newton Investment Management, a further decline in the value of bitcoin is unavoidable. On the eve of the Federal Reserve System, the monetary rate was tightened again.
Stock markets responded unfavourably to the American regulator’s decision, and it was anticipated that capital would leave the cryptosphere. According to some experts, BTC will bottom out in the current cycle at roughly $17,600.
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