Bitcoin declines and diverges from S&P 500 in Q2, Frank Chaparro notes

Bitcoin declines and diverges from S&P 500 in Q2, Frank Chaparro notes
Bitcoin drops, diverges from S&P 500

Frank Chaparro highlights that in the second quarter, Bitcoin remained inversely correlated with the U.S. dollar and moved lower alongside gold. However, Bitcoin diverged from the S&P 500, despite these two assets typically showing a strong correlation.

Earlier this month, Chaparro reported that JPMorgan found bitcoin mining economics had worsened as bitcoin traded below the cost of production, impacting miners (full story). Bernstein recently revised its $150,000 year-end bitcoin target, calling the forecast ambitious following a market correction (full story). These developments come as bitcoin’s correlation patterns shift against other major assets.

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