Crypto Get Crushed Relative to Gold and S&P 500, Santiment Predicts a ‘Rubber-Band’ Rebound — TradingView News
The multi-month correlation between the crypto market and the S&P 500 is fast slipping away. During the past week, the S&P 500 dropped approximately 1.6%, gold shed less than 1%, while the crypto market dumped over 12% during the same period.
The wider crypto market recorded significant losses during the last 24 hours led by Bitcoin, which teased below $100k on Tuesday.
Source: Santiment
What’s Next for Crypto Amid Significant Divergence from the S&P 500
According to Santiment, the crypto market is well-positioned to rebound after hitting oversold levels. A potential rebound for the S&P 500 is likely to influence the wider crypto market with a relief rally as traders bet on a midterm rebound.
Furthermore, the crypto market has…
