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Will Bitcoin Follow the Surge of Stock Markets?

Dawn Wu

Summary: The surge of stock markets last Friday may indicate a future advance for Bitcoin due to the correlation between BTC and the S&P 500 Index, according to a report from NewsBTC.

The surge of stock markets last Friday may indicate a future advance for Bitcoin due to the correlation between BTC and the S&P 500 Index, according to a report from NewsBTC.

The report expects a “higher-high” towards $14,000 for Bitcoin shortly as stocks, especially tech stocks, are on a sharp rise.

Major stock market indexes spiked up on Friday thanks to a positive latest Employment Situation Summaryreleased by the U.S. Bureau of Labor Statistics. The summary implies a recovering economy with 2.5 million cases of employment added in May. 

Per Bitpush Market Data, BTC is now trading at $9695.98. The past three days have seen the leading cryptocurrency wobbling in the zone from $9,450 to $9,750.

By Dawn Wu

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