{"id":529822,"date":"2023-05-04T14:20:43","date_gmt":"2023-05-04T14:20:43","guid":{"rendered":"https:\/\/uniquehot.com\/?p=529822"},"modified":"2024-06-11T10:35:55","modified_gmt":"2024-06-11T10:35:55","slug":"bitcoin-up-fed-rate-reveal-correlation-stocks-over","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-up-fed-rate-reveal-correlation-stocks-over\/","title":{"rendered":"Bitcoin Up After Fed Rate Reveal, Correlation With Stocks Over?"},"content":{"rendered":"

Bitcoin has surged above the $29,000 mark following the Fed rate hike of 25 bps, a sign that the asset may be decoupling from the stocks.<\/p>\n

Bitcoin Has Jumped Despite Fed Interest Rate Hike Announcement<\/h2>\n

According to the on-chain analytics firm Santiment<\/a>, the cryptocurrency market has shown some promising rise potential since the rate hike announcement has gone live.<\/p>\n

In the past year, the US Federal Reserve System (“Fed”) interest rate hikes have generally been met with panic in the market, as coins like Bitcoin and Ethereum have suffered significant hits to their prices following them.<\/p>\n

This has been because the sector has experienced a high correlation<\/a> with the US stocks during this period, meaning that the prices of the assets in the two sectors have been moving in a similar fashion.<\/p>\n

Recently, however, things have been changing for the better, as the cryptocurrency and stock markets have become increasingly separated. The initial reaction in the prices of assets like Bitcoin and Ethereum to the latest announcement has also been a positive indication of this.<\/p>\n

Here is the comparison between BTC, ETH, and S&P 500 that Santiment posted one hour after the FOMC meeting:<\/p>\n

\"Bitcoin<\/p>\n

Looks like BTC didn't move much following the event | Source: Santiment on Twitter<\/a><\/pre>\n
As displayed in the above graph, S&P 500 fell shortly after the rate hike, while BTC and ETH remained steady, showing the disconnection between the two sectors.<\/p>\n
Both Bitcoin and Ethereum have risen in the hours since then, breaking the $29,000 and $1,900 levels, respectively. This could be a sign that investors are at ease now that the meeting is behind them.<\/p>\n
Related Reading: Bitcoin Rally May Not Have Hit Top Yet, Here\u2019s Why<\/a><\/div>\n
“At least for now, it seems that the initial reaction to this interest rate hike was: “At least it’s over with now. Crypto no longer needs to worry about fiscal policy until June,” notes Santiment.<\/p>\n
On-chain data also shows that the trading volumes<\/a> of the top cryptocurrencies by market cap have trended up since the meeting, an indication that activity has been increasing in the sector.<\/p>\n
\"BitcoinBTC's price has trended up since the announcement | Source: Santiment<\/a><\/pre>\n
Another indicator, the “active addresses<\/a>,” which measures the daily total number of unique addresses that are taking part in some transaction activity on the Bitcoin blockchain, has also observed a surge following this Federal Open Market Committee (FOMC) meeting day, as the below chart highlights.<\/p>\n
\"Bitcoin<\/p>\n
The indicator's value has been going up during the past day | Source: Santiment<\/a><\/pre>\n
This metric provides an estimation of the total number of unique users that are using the network right now, so its value going up suggests a high amount of traffic has visited the chain during the past day.<\/p>\n
The latest spike in the Bitcoin active addresses is the highest seen in the last two weeks, with the one from two weeks ago being mostly due to a sharp plunge in the price.<\/p>\n
Related Reading: $24,400 May Be Next Major Level Of Support For Bitcoin, Here\u2019s Why<\/a><\/div>\n
“This rally seemed to be much more related to the rate hike finally being official, and you can see how active addresses pushed even higher directly after the announcement,” explains the on-chain analytics firm.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $29,200, up 1% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has surged in the past day | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Andr\u00e9 Fran\u00e7ois McKenzie on Unsplash.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has surged above the $29,000 mark following the Fed rate hike of 25 bps, a sign that the asset may be decoupling from the stocks. Bitcoin Has Jumped Despite Fed Interest Rate Hike Announcement According to the on-chain analytics firm Santiment, the cryptocurrency market has shown some promising rise potential since the rate hike announcement has gone live. In the past year, the US Federal Reserve System (“Fed”) interest rate hikes have generally been met with panic in the market, as coins like Bitcoin and Ethereum have suffered significant hits to their prices following them. This has been because the sector has experienced a high correlation with the US stocks during this period, meaning that the prices of the assets in the two sectors have been moving in a similar fashion. Recently, however, things have been changing for the better, as the cryptocurrency and stock markets have become increasingly separated. The initial reaction in the prices of assets like Bitcoin and Ethereum to the latest announcement has also been a positive indication of this. Here is the comparison between BTC, ETH, and S&P 500 that Santiment posted one hour after the FOMC meeting: Looks like BTC didn’t move much following the event | Source: Santiment on Twitter As displayed in the above graph, S&P 500 fell shortly after the rate hike, while BTC and ETH remained steady, showing the disconnection between the two sectors. Both Bitcoin and Ethereum have risen in the hours since then, breaking the $29,000 and $1,900 levels, respectively. This could be a sign that investors are at ease now that the meeting is behind them. Related Reading: Bitcoin Rally May Not Have Hit Top Yet, Here\u2019s Why “At least for now, it seems that the initial reaction to this interest rate hike was: “At least it’s over with now. Crypto no longer needs to worry about fiscal policy until June,” notes Santiment. On-chain data also shows that the trading volumes of the top cryptocurrencies by market cap have trended up since the meeting, an indication that activity has been increasing in the sector. BTC’s price has trended up since the announcement | Source: Santiment Another indicator, the “active addresses,” which measures the daily total number of unique addresses that are taking part in some transaction activity on the Bitcoin blockchain, has also observed a surge following this Federal Open Market Committee (FOMC) meeting day, as the below chart highlights. The indicator’s value has been going up during the past day | Source: Santiment This metric provides an estimation of the total number of unique users that are using the network right now, so its value going up suggests a high amount of traffic has visited the chain during the past day. The latest spike in the Bitcoin active addresses is the highest seen in the last two weeks, with the one from two weeks ago being mostly due to a sharp plunge in the price. Related Reading: $24,400 May Be Next Major Level Of Support For Bitcoin, Here\u2019s Why “This rally seemed to be much more related to the rate hike finally being official, and you can see how active addresses pushed even higher directly after the announcement,” explains the on-chain analytics firm. BTC Price At the time of writing, Bitcoin is trading around $29,200, up 1% in the last week. BTC has surged in the past day | Source: BTCUSD on TradingView Featured image from Andr\u00e9 Fran\u00e7ois McKenzie on Unsplash.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":529848,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,2007,88208,2472,3738,4707,3986],"class_list":["post-529822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-fed","tag-fed-rate-announcement","tag-interest-rates","tag-sp-500","tag-stock-market","tag-stocks"],"acf":[],"yoast_head":"\nBitcoin Up After Fed Rate Reveal, Correlation With Stocks Over?<\/title>\n<meta name=\"description\" content=\"Bitcoin has surged above the $29,000 mark following Fed interest rate hike of 25 bps, a 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Up After Fed Rate Reveal, Correlation With Stocks Over?","url":"http:\/\/uniquehot.com\/news\/bitcoin-up-fed-rate-reveal-correlation-stocks-over\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-up-fed-rate-reveal-correlation-stocks-over\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-scaled.jpg?fit=2560%2C1710"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","fed","fed rate announcement","interest rates","s&p 500","stock market","stocks"],"dateCreated":"2023-05-04T14:20:43Z","datePublished":"2023-05-04T14:20:43Z","dateModified":"2024-06-11T10:35:55Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Up After Fed Rate Reveal, Correlation With Stocks Over?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-up-fed-rate-reveal-correlation-stocks-over\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-up-fed-rate-reveal-correlation-stocks-over\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-scaled.jpg?fit=2560%2C1710\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"fed\",\"fed rate announcement\",\"interest rates\",\"s&p 500\",\"stock market\",\"stocks\"],\"dateCreated\":\"2023-05-04T14:20:43Z\",\"datePublished\":\"2023-05-04T14:20:43Z\",\"dateModified\":\"2024-06-11T10:35:55Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-scaled.jpg?fit=2560%2C1710","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/529822"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=529822"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/529822\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/529848"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=529822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=529822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=529822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}