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Over the last three weeks, the correlation between bitcoin (BTC) and the S&P 500 has been declining. As of February 17, the correlation dropped to zero, meaning BTC completely decoupled from the leading stock market index. According to data analyzed by market intelligence firm IntoTheBlock, the decorrelation between BTC and the S&P 500 could be a bullish signal because BTC soared past $100,000 after the last time the market saw such a low correlation. This was in early November, shortly after the United States presidential elections. Bitcoin Decorrelates From S&P 500 Bitcoin trading independently of the stock market suggests that there is a shift in market dynamics affecting the cryptocurrency. At the time of writing, BTC hovered around $97,500, still within the $91,000-$102,000 range, which it had consolidated in the past few weeks. On the other hand, the S&P 500 recorded a second consecutive all-time high on Wednesday, climbing 0.2% to 6,140.88. Other major stock indexes like the Dow Jones and Nasdaq Composite also closed slightly higher, hovering less than 1% from unprecedented levels. Bitcoin’s recent decorrelation from the stock market became increasingly evident in late January after the Federal Open Market Committee (FOMC) announced that interest rates would remain unchanged at 4.25%-4.50%. At the time, BTC showed no significant reaction to the news; however, the stock market and traditional equities experienced increased volatility. CryptoPotato reported that the reaction from both the traditional finance and crypto industries suggested that digital assets were evolving beyond the narrative of being just “high-leverage tech stocks.” It also meant that cryptocurrencies were becoming more independent from traditional assets. The development has persisted in the last few weeks, with bitcoin’s correlation with the S&P 500 now becoming non-existent. A Bullish Sign? Market analysts have discovered that most major crypto bull runs have occurred during times when BTC has recorded minimal reliance on global equity markets. This substantiates IntoTheBlock’s speculation that bitcoin’s decorrelation from the S&P 500 could be a bullish sign and that a major rally for the leading cryptocurrency could be on the horizon. Regardless, analysts at the crypto exchange Bitfinex insist that BTC is still vulnerable to macro developments and is currently behaving more like a risk-on asset than a store of value. The post Bitcoin Decouples From S&P 500 – Good or Bad for BTC? appeared first on CryptoPotato.

U.S. President Donald Trump has attributed Bitcoin’s recent surge to his administration’s pro-crypto policies, reinforcing his vision of making America the global leader in digital assets. Speaking at the FII Priority Summit in Miami on Wednesday, Trump linked the performance of the cryptocurrency market and traditional financial indices to his leadership. “In just a few months, the Dow Jones Industrial Average is up 2,200 points, and Bitcoin has set multiple all-time record highs because everyone knows that I’m committed to making America the crypto capital,” Trump stated. “We want to stay at the forefront of everything, and one of them is crypto.” Notably, since Trump secured the Republican nomination on July 15, 2024, when Bitcoin was priced around $61,000, its value has surged to an all-time high of $109,114 on January 20, marking a gain of approximately 78.88%. Analysts attribute part of the rally to increased optimism among crypto investors, fueled by Trump’s public endorsements and promises to end regulatory hostility towards the crypto sector. The president also took aim at the U.S. Securities and Exchange Commission (SEC) under Chairman Gary Gensler, criticizing its past approach to cryptocurrency regulation. Trump claimed that the agency had maintained an adversarial stance toward Bitcoin and other digital assets but was forced to soften its position in the face of growing public support for crypto. “I have signed executive orders to keep the United States at the forefront of artificial intelligence and to end Joe’s war on Bitcoin and crypto,” Trump added. “We ended that war totally, that war is over. They were very hostile toward them until the very end, just because there are so many people on Bitcoin and crypto. Just before the end, the SEC came out and they were being very nice. I was so nice to people because so many people were being indicted for no reason whatsoever, very political group of people. But they pulled those indictments because they realized there were 100 million, 125 million people using crypto.” Since returning to office, Trump has taken steps to solidify his support among crypto enthusiasts. Notably, he nominated Paul Atkins, a well-known crypto-friendly figure, to chair the SEC while Brian Quintenz was nominated for the CFTC. He also issued an executive order titled “Strengthening U.S. Leadership in Digital Financial Technology,” which explicitly bans the development and promotion of central bank digital currencies (CBDCs), a move widely applauded by crypto advocates. That said, Trump’s pro-crypto stance has earned him praise from major figures in the industry, with Ripple CEO Brad Garlinghouse and Cardano founder Charles Hoskinson suggesting that his policies could elevate the U.S. as a global crypto hub.

Sol Strategies Bolsters Solana Holdings to Near 190,000 SOL Worth More Than $40M (Gabby Jones/Bloomberg via Getty Images) #Bitcoin $BTC

U.S. stocks opened mixed, with Coinbase up 1.81% When the U.S. stock market opened, the Dow Jones Industrial Average fell 0.07%, the S&P 500 rose 0.03%, the Nasdaq rose 0.15%, Coinbase rose 1.81%, and MicroStrategy rose 0.39%. #Bitcoin $BTC

The three major U.S. stock indexes fell at the opening, and Coinbase fell by more than 2% When the U.S. stock market opened, the Dow Jones Industrial Average fell 0.1%, the S&P 500 fell 0.15%, the Nasdaq fell 0.5%, and Coinbase fell 2.19%. #Bitcoin $BTC