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Fake Safe Haven: Bitcoin Correlation with S&P 500 Hits ATH

The data shows that Bitcoin’s correlation with the S&P 500 and thus the stock market has set a new all-time high (ATH).

Bitcoin’s correlation with the S&P 500 hits a new high

As one analyst pointed out in a CryptoQuant post, BTC’s correlation with the stock market is currently on the rise, further undermining the “safe haven” narrative.

“Bitcoin Correlation with the S&P 500” is an indicator that measures how strongly the BTC price reacts to volatility in the S&P 500, as well as the direction of the response.

When the indicator shows values ​​greater than zero, it means that there is a positive correlation between the stock market and the cryptocurrency price at the moment. “Positive” here means that BTC is moving in the same direction as the S&P 500.

On the other hand, correlation values ​​less than zero imply that BTC reacts to S&P 500 price changes by moving in the opposite direction.

Related Reading | Bitcoin Drops Below $40 As Russia Gave Its Forces the Order to Attack Ukraine

Indicator values ​​exactly equal to zero naturally mean that there is no correlation between the two assets. Now, here is a chart that shows the trend in the S&P 500 and Bitcoin correlation since the year 2013:

The indicator value throughout the history of cryptocurrencies | Source: CryptoQuant

As you can see in the chart above, the correlation between Bitcoin and the S&P 500 has fluctuated between positive and negative, although it has remained low for most of BTC’s history.

Related Reading | Why Bitcoin Won’t Fall Under New Bear Attack, Next Potential Target for BTC

However, since late 2019 and early 2020, the two assets have been strongly and positively correlated. During 2020, the metric has plummeted due to the COVID slowdown, but the indicator has risen sharply during the second half of 2021 and 2022 so far.

The correlation between Bitcoin and the stock market has now set a new all-time high (ATH) of +0.5468 this month.

Such a high correlation between assets further undermined the “digital gold” narrative, as cryptocurrency is no longer the safe haven it once was.

BTC price

At the time of writing, Bitcoin price hovers around $39,000, down 12% over the past seven days. In the last month, the cryptocurrency has gained 10% in value.

The chart below shows the BTC price trend over the last five days.

BTC price seems to have recovered in recent days | Source: BTCUSD on TradingView

A few days ago, the price of Bitcoin dropped, reaching $36,400. Since then, the coin’s value has shown some recovery, breaking above the $39K level again today. It is currently unclear whether this new uptrend will last.

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Sling TV to accept Bitcoin as payment

Sling TV now accepts bitcoin payments for its personalized TV streaming services.

Streaming service provider Sling TV now accepts bitcoin payments.

Existing customers can prepay for 1-6 months of service using bitcoin and cryptocurrencies.

New customers must pay the first month using old payment methods and can use bitcoin payments from the second month.

Sling TV, a cable-cutting service provider that allows its users to stream more than 700 TV channels through its app, announced on Friday that it would accept Bitcoin payments through an integration with BitPay, a pioneer in services.

“Accepting crypto payments for this OTT digital platform was clearly the obvious next step for our subscribers,” the company said in the announcement post.

Sling TV LLC, also known as Sling Media Inc, was purchased in 2007 by DISH, a company that made headlines in 2014 for being the largest company at the time accepting Bitcoin payments.

At the time, Bernie Han, executive vice president and chief operating officer of DISH, said, “We always want to provide our customers with choice and convenience, and that includes the method they use to pay their bills.” Speaking of Bitcoin in particular, Han said, “Bitcoin is becoming the preferred way for some people to transact and we want to accommodate those people.”

BitPay, which provides an optimized payment flow for over 90 different wallets, is looking to provide the option and option that Sling’s parent company mentioned in 2014. But in its current state, the integration is only available to existing customers. of the Sling. New users joining the Sling platform will first need to provide legacy payment methods to establish their account and then have the option to proceed with payments in bitcoin and other cryptocurrencies.

Customers will be able to prepay between one and six months of service using bitcoin. Before the prepaid period ends, customers will need to make another manual payment to extend the prepaid period or use a legacy payment method to set up recurring purchases. If the prepayment period ends without another manual payment being made, Sling TV will default to the required old payment method that must be placed on each account.

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Mexico’s Third Richest Billionaire: Don’t Sell Your Bitcoin During Crash

The Mexican billionaire believes the price of BTC will rise further in the long term, stating on Twitter that those who “buy and hold” his assets “will thank you later”.

Bitcoin dropped to $37,300 on Monday before rebounding just above $38,000.

Ricardo Salinas Pliego, the third richest Mexican billionaire, said that the current drop in Bitcoin prices is to buy more BTC and not sell.

According to the billionaire, when prices drop like they did with Bitcoin’s recent drop below $40,000, it’s time to carry more cryptocurrencies. Investors, he noted in a tweet, will be better off hoarding than selling.

Salinas, founder of Mexico’s second-largest television network, TV Azteca, and business conglomerate Grupo Salinas, noted:

“You have to buy bitcoin (keep buying when the price is low), so keep your BTC, forget about selling… trust me, you’ll thank me later.”

Salinas was bullish on Bitcoin before, noting in December 2021 that fiat money was “fake” and “paper lies”.

Bitcoin price drops below $38K

The billionaire’s comments come at a time when Bitcoin has seen its value plummet in recent weeks after a bounce failed to gain momentum above $45,000. At the time of writing, the cryptocurrency is trading near $38,780, with intraday prices hitting lows of $37,300.

The bounce above $38,000 puts Bitcoin in a key support and resistance zone that one analyst is watching closely.

According to pseudonymous trader Credible Crypto, the week may see BTC-USD remain shaky, but a positive resolution from consolidation is possible. Otherwise, he noted, BTC is likely to hit lows of $36,200 and likely invalidate the bullish scenario.

“It will be a slow week in my opinion as we are stuck between key support (38-39k) and key resistance at 41-42k. I suspect we moved a little between these two levels, but eventually we resolved this consolidation to the upside. The hard invalidation for this idea is a 36.2k tap. “

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Coinbase will allow remittance recipients in Mexico to withdraw cash in local currency

Coinbase, a major US-based exchange, has announced that it will now allow remittance recipients in Mexico to withdraw funds received through its local currency service. This marks the company’s first foray into the remittance business in Mexico, allowing customers to withdraw cash at more than 37,000 convenience stores and other locations across the country.

Coinbase Allows Mexicans to Withdraw Cryptocurrency Remittances in Pesos

Popular cryptocurrency exchange Coinbase announced this week that it was making its first foray into remittances in Mexico. While the exchange previously allowed customers to send cryptocurrency to any other Coinbase user in the world, it will now offer remittance recipients the option to withdraw funds in local fiat currency, in this case, the Mexican peso.

Coinbase announced that it organized the exchange of these remittances at more than 37,000 convenience stores and other locations across the country. Remittance recipients will be able to carry out transactions by generating a unique redemption code in the app. The move is a result of Coinbase’s quest to remove friction from trading cryptocurrencies for fiat currencies.

Coinbase hopes that this use of cryptocurrency will allow the company to be competitive compared to traditional remittance alternatives already on the market. The use of this tool will be free until March 31, 2022.

Remittances and Fees

However, after the mentioned date, Coinbase will start charging fees for these services. The exchange announced that it will charge “a nominal fee that is still 25% to 50% cheaper than traditional cross-border payment solutions.”

The exchange says it recognizes that remittances are a global problem, suggesting a possible future expansion of this service to other countries. In this regard, the exchange stated:

While we started in Mexico, over time we will see other regions where customers face similar challenges.

The US/Mexico corridor remittance business is a multi-million dollar enterprise. According to data from the World Bank and Banco de Mexico, Mexican households received $42.17 billion in remittances during the first ten months of 2021, most of which came from US money orders and wire transfers.

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Brent and Matt, two men from Texas, made millions mining BTC

Brent Whitehead and Matt Lohstroh are two young men from Texas who have already made millions mining bitcoin and other forms of cryptography. The two worked hard to establish a new company called Giga Energy Solutions, which mints bitcoins from natural gas.

Brent and Matt Chose to Follow Bitcoin

Both Brent and Matt come from oil families and were met with skepticism when they first announced three years ago that they wanted to enter the mining industry. However, his bitcoin obsessions became too big to handle. Therefore, they ignored the advice they received and decided to follow their hearts. Today, the money they have earned through their company proves that they made the right move.

The company works not only to mine cryptocurrencies, but also to address all the environmental concerns that people seem to have with them. Giga places a container containing crypto mining computers in an oil well. From there, the natural gas is diverted to generators. This gas is then converted into electricity which is used to mine cryptocurrency drives. This reduces carbon emissions by more than 60%.

Brent grew up in the oil fields and saw his family in action. He saw a lot of environmental debris and wanted to address concerns around the health of the planet. In an interview he explained:

I've always seen flares, just being in the oil and gas industry. He knew how wasteful it was. It is a new way not only to reduce emissions, but also to make gas profitable.

At this time, the duo has signed contracts with approximately 20 separate oil and gas companies, four of which are publicly traded. They’re also talking to equity funds, which means the company is growing faster than anyone could have predicted. The company currently employs 11 people, but the duo plans to add six more staff before the end of February.

Lee Bratcher, president of the Texas Blockchain Council, says he is very impressed with the work they both have done. He commented:

They are generating revenue for their customers by mining idle energy bitcoins and solving the environmental challenge with flared gas at the same time.

Both men are also natural believers in bitcoin. They love the fact that it is an autonomous currency that no government can control. Matt explained:

Nobody controls it and you don't have to ask permission to use it. That's really what attracted me to Bitcoin... Bitcoin mining is innately linked to power, and the purpose of energy is to create power, so I think you'll see a lot of semantics and how they are interrelated.

Giving people monetary freedom

Brent couldn’t agree more. He trusts that Bitcoin has the power to give people the financial independence they’ve always wanted. He mentioned:

It wasn't as focused on price as it was on adoption. I thought this was a great thing for humanity.