Bitcoin (BTC) Decals from S&P 500 (Spy): Eric Bulk Nasu from Bloomberg

Eric Balknath, a senior ETF analyst at Bloomberg, has drawn community attention to the fact that the stock market has been falling recently, but Bitcoin, the world's pioneering cryptocurrency, is on the rise, testing a price level of $90,000.

Bitcoin breaks correlation with stocks

He noted that Bitcoin has recently broken historic correlation with the stock market and has so far moved in the exact opposite direction. A screenshot he shared shows the S&P 500 (SPY) fell 1,000 points this Monday, with BTC jumping 3.57% to $88,250.

Bulkunas also mentioned the gold that was “on their own leaves.” On Monday, it showed a slight decline of 0.983, a strong negative correlation with the stock market.

But today, the precious metal has skyrocketed to a new all-time high at $3,500 per troy ounce after President Donald Trump confirmed his intention to fire Federal Reserve Chairman Jerome Powell.

Gold has been bought and stocks are oversold, but Peter Brandt has doubts

Peter Brandt, a legendary commodity trader with nearly 60 years of trading experience, shares his views on the story that began to spread in the marketplace, where gold is being bought and stocks are being sold. This means that things are likely to change soon.

Brandt shares the charts, indicating that Gold has dropped significantly against the S&P 500 since its previous all-time high in 2012. Gold prices have risen sharply at Xau this year, and are now reaching 23% YTD growth.

Peter Brandt said gold may be on sale against recent stocks, but in terms of the long-term outlook, “we've just started a mess.”