Quote from: gmjutt6 on July 10, 2020, 06:15:18 PM

[Bitcoin’s one-month correlation to the S&P, for example, reached a multi-year high of 0.79 on Wednesday, according to data from Skew, indicating a much stronger short-term correlation trend as levels of investor uncertainty and expected volatility remain high. Analysts expect the trend to continue and even strengthen.

Bitcoin’s strong performance from March lows has fueled demand to buy and trade bitcoin, even with the coronavirus pandemic battering the economy. Investors are increasingly looking for inflation hedges like gold or bitcoin amid aggressive expansionary monetary policy, which has also pushed equity prices higher at the same time.] Collect from Source1 Article

Analyzing something. The people who are new in the bitcoin world they say that the bitcoin is now boring. But the people who deeply know about the bitcoin. They analyze and compare with the past and then realize that bitcoin is on the right way.

Source1: https://www.coindesk.com/bitcoin-reaches-record-high-correlation-to-sp-500

Read this article 4 days ago.
Source: https://www.coindesk.com/market-wrap-as-traditional-markets-rally-bitcoin-gets-boring

I've looked that the chart of S&P 500 and compared it with Bitcoin price chart recently, and I was surprised to see such a high level of correlation. However, as you rightly pointed out, it's high right now, but it wasn't nearly the same before. Given that the pandemic is a sort of event that affects the whole world, it's not surprising that the correlation happened nowadays. However, it does not mean that Bitcoin is like stock, that Bitcoin is generally affected by the same things that affect stock or that the correlation will persist.

Quote from: tulpe123 on Today at 06:11:38 AM

"Crypto is fully independent from financical market" they said, hah

It is independent of stock market or global economy in general. But it does depend heavily on the news, unfortunately, so big announcements can push people towards buying or selling BTC.