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Bitcoin Appears To Keep Up Correlation With US Stock Market Following President Trump's Positive COVID-19 Result

Emily Mason

Summary: Following news of President Trump's positive COVID-19 test result the US stock market dropped and Bitcoin's price followed suit. This suggests that Bitcoin is correlated to the US equity markets, despite the cryptocurrency being unaffiliated with any government and supposedly being immune to geopolitical events. At the time of writing, the S&P 500 is down ...

Following news of President Trump's positive COVID-19 test result the US stock market dropped and Bitcoin's price followed suit.

This suggests that Bitcoin is correlated to the US equity markets, despite the cryptocurrency being unaffiliated with any government and supposedly being immune to geopolitical events.

At the time of writing, the S&P 500 is down 0.96% for the day while Bitcoin is trading at $10,525 and is down 0.57%. Today marks the fourth day of Bitcoin's price declining and the currency has lost 8.3% in September.

By Emily Mason

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