{"id":17036,"date":"2020-11-02T07:03:18","date_gmt":"2020-11-02T06:03:18","guid":{"rendered":"https:\/\/bernstein-bank.com\/?p=17036\/"},"modified":"2020-11-02T07:03:18","modified_gmt":"2020-11-02T06:03:18","slug":"critical-correlation-broken","status":"publish","type":"post","link":"https:\/\/bernstein-bank.com\/en\/critical-correlation-broken\/","title":{"rendered":"Critical correlation broken"},"content":{"rendered":"\n\n\n
\n

Gold<\/span>\u00a0 1882,93
\n(+0,22%<\/span>)<\/h4>\n<\/th>\n

\n

EURUSD<\/span>\u00a0 \u00a01,1634
\n(-0,08%<\/span>)<\/h4>\n<\/th>\n

\n

DJIA<\/span>\u00a0 26496,50
\n(-0,01%<\/span>)<\/h4>\n<\/th>\n

\n

OIL.WTI<\/span>\u00a0 34,495
\n(-3,43%<\/span>)<\/h4>\n<\/th>\n

\n

DAX<\/span>\u00a0 \u00a011634,37
\n(+0,01%<\/span>)<\/h4>\n<\/th>\n<\/tr>\n<\/tbody>\n<\/table>\n

Only a couple articles ago we wrote about a new look at Bitcoin. We advise everyone who hasn’t looked to reread our newsletter. At the end of the week and at the weekend another important BTC event takes place, which is worth mentioning in detail.<\/p>\n

BTC<\/strong><\/p>\n

\"BTC\"<\/p>\n

Throughout 2020, the first cryptocurrency correlated with the S&P 500 index. Until mid-February, the index was growing, so was the Bitcoin. Then there was a powerful sell-off in the stock market associated with 1 wave of coronavirus, and BTC also collapsed powerfully. Then the economy started pumping money, stocks went up again and bitcoin was growing with it.
\nThis week ended again with a massive sell-off of stocks. Bitcoin usually started falling after the stock market. But this time something went wrong. Following the fall of Wednesday night, Thursday night saw strong growth. Then on Thursday and Friday, Bitcoin tried to fall again, following the stock, but it bought back and grew back. And on Saturday the price hit all the stops and rose to $14100 for 1 BTC.<\/p>\n


\nWhat does all this mean?<\/strong><\/p>\n

We forecast that the correlation between Bitcoin and the stock market has been completely broken. Moreover, BTC now does not correlate even with gold, which has also been declining recently. This means that Bitcoin is no longer even dependent on the amount of new money printed. We noted last week that the biggest fall on Wednesday in the stock markets was due to the postponement of the adoption of the new $2 trillion aid package for the US economy.
\nSo speculators are trying to sell bitcoins, remembering the existing correlation. And “smart money” is happy to buy back the first cryptocurrency at any price. This shows that demand is really starting to exceed supply.<\/p>\n


\nWhere can this lead to?<\/strong><\/p>\n

In the first wave of the pandemic, investors sold all assets, received money and did not know what to do with them. Now the opposite situation can happen. In the second wave of the pandemic, investors will also sell all the assets and put the money into bitcoin. We will know whether this version has the right to live before the New Year.<\/p>\n


\nWhat awaits us today?<\/strong><\/p>\n

10.00 EU Manufacturing Index for October
\n10.30 UK Manufacturing Index for October
\n16.00 US ISM Manufacturing Index for October<\/p>\n

\n

Important Notes on This Publication: <\/small><\/p>\n

The content of this publication is for general information purposes only. In this context, it is neither an individual investment recommendation or advice nor an offer to purchase or sell securities or other financial products. The content in question and all the information contained therein do not in any way replace individual investor- or investment-oriented advice. No reliable forecast or indication for the future is possible with respect to any presentation or information on the present or past performance of the relevant underlying assets. All information and data presented in this publication are based on reliable sources. However, Bernstein Bank does not guarantee that the information and data contained in this publication is up-to-date, correct and complete. Securities traded on the financial markets are subject to price fluctuations. A contract for difference (CFD) is also a financial instrument with leverage effect. Against this backdrop, CFD trading involves a high risk up to the point of total loss and may not be suitable for all investors. Therefore, make sure that you have fully understood all the correlating risks. If necessary, ask for independent advice.<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

Gold\u00a0 1882,93 (+0,22%) EURUSD\u00a0 \u00a01,1634 (-0,08%) DJIA\u00a0 26496,50 (-0,01%) OIL.WTI\u00a0 34,495 (-3,43%) DAX\u00a0 \u00a011634,37 (+0,01%) Only a couple articles ago we wrote about a new look at Bitcoin. We advise…<\/p>\n","protected":false},"author":37,"featured_media":13158,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-17036","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nCritical correlation broken | Bernstein Bank<\/title>\n<meta name=\"description\" content=\"Only a couple articles ago we wrote about a new look at Bitcoin.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bernstein-bank.com\/en\/critical-correlation-broken\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Critical correlation broken | Bernstein Bank\" \/>\n<meta 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