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A decline in BTC trading has resulted in a 6-month low in the digital asset’s annualized volatility. Researchers from Kraken exchange found that even though the correlation of Bitcoin with gold has condensed, the cryptocurrency’s correlation with the S&P 500 stock market index is on the upsurge.
A research arm of major US digital asset exchange Kraken, Kraken Intelligence released a “Bitcoin Volatility Report” for June 2020.
The aforementioned report was published on 9th July. As per the report, Bitcoin witnessed a thirty one percent decline in trading volumes that led to a 6-month low in the asset’s annualized volatility.
According to the report, the noteworthy plunge in Bitcoin’s volumes and volatility marked June as the most stable month since the month of February this year. This also instigated a key trend reversal that significantly influenced Bitcoin’s correlation with gold and traditional stocks.
The report further notes that BTC’s thirty-day rolling correlation with gold crashed below its 1-year average to hit a four-month low. Kraken Intelligence emphasizes that the correlation move followed a modestly positive inclination in the 2nd half of May that ended above its one-year average.
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