Correlation between Bitcoin and stocks goes to zero

[Maniés]

Bitcoin  and Ethereum have retreated 1.4% from the last 24 hours and show weakness even after another day of gains on US stock markets, with Dow Jones, S&P 500 and Nasdaq closing up 1.12%, 1.14% and 0.9%, respectively, in reaction to better-than-expected results from US companies. At 7am today, BTC is trading at $19,263 and ETH at $1,306, virtually erasing the weekly gains that came after short positions were unwound in the wake of the release of the latest US consumer inflation data. 

According to data from crypto analysis house IntoTheBlock, the 30-day correlation between Bitcoin and the S&P 500 has fallen to 0.04. That means that there's almost no connection between the assets. The more lower that number gets, less correlation it has with it.

Since the correlation between BTC and stocks is not negative either, cryptocurrencies can go back up without warning. That is, they don't have to wait for the stock markets to fall, if the stock markets keep rising, BTC can reverse the current drop and trade higher again.