In recent hours, Bitcoin’s correlation with stocks in the United States has intensified, reaching a coefficient of 0.74 against the S&P 500, as reported by Bloomberg Intelligence. Analyst Athanasios Psarofagis highlighted that this close link occurs at a critical moment, where the digital asset retreats in tandem with traditional markets due to geopolitical tensions and global financial volatility.
This phenomenon directly impacts the “digital gold” narrative, as Bitcoin is acting as a risk asset rather than functioning as a hedge. After falling 5% in Friday’s session, the token reflects Wall Street’s nervousness regarding weak employment data and inflation, temporarily fading its image as a decentralized and independent alternative to the traditional financial system.
In the coming hours, the market will be watching to see if the exhaustion of structural sellers allows Bitcoin to regain its technical independence. Investors will remain attentive to the stability of the S&P 500 in the coming weeks, as a further slump in equities could drag the cryptocurrency price toward new local lows before showing signs of recovery.
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