CandleFocus Important Pivotal Bitcoin (BTC) Data Shared by Bloomberg's Mike McGlone
2024-11-11
Author: Content Editor
The senior commodities strategist at Bloomberg Intelligence, Mike McGlone, has shared part of a recent Bloomberg report on Twitter. The report discusses new data on Bitcoin following its recent price peak and also mentions the changing situation of gold, its physical rival. McGlone highlights that the Bitcoin-to-Beta correlation has increased, particularly with the S&P 500 index. This suggests that Bitcoin is becoming more sensitive to stock market dynamics and higher-risk assets. In contrast, gold's connection to the stock market is close to zero, indicating that Bitcoin is trading more like a leveraged version of beta rather than a digital version of gold.
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