Kraken’s Bitcoin Volatility Report June 2020: BTC and Gold Correlation is Decreasing
Kraken, Bitcoin & cryptocurrency exchange, has released a June 2020 Bitcoin Volatility Report, indicating that Bitcoin’s volatility has hit a six-month low.
As the Kraken report states, BTC trading set a 31% drop, resulting in a six-month low of BTC’s annualized volatility (51% in June). As stated, June has been the most tranquil month for BTC since February of the current year.
During the previous month, Bitcoin has gained a significant attraction from the side of traditional financial sphere. Such as, J.P. Morgan stated that Bitcoin effectively passed its first stress test in the beginning of spring.
It’s also stated that the correlation of Bitcoin with the S&P 500 has increased (from 0.13 to 0.52). At the same time, the correlation with gold decreased (from 0.50 to -0.49).
As the report claims, some are confident that Bitcoin is about to take up a new bull-market cycle within upcoming months, considering that Bitcoin is hovering beneath the resistance of a multi-year pennant formation for over two months, at the same time, holding above its 50-week moving average.
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