What is the correlation between the price of commercial metals stock and the price of Bitcoin?

3 answers

• Feb 18, 2022 · 3 years ago
  There is no direct correlation between the price of commercial metals stock and the price of Bitcoin. Commercial metals stock represents the performance of a specific company in the metal industry, while Bitcoin is a decentralized digital currency. However, both assets can be influenced by similar factors such as economic conditions, investor sentiment, and market trends. It's important to note that the price movements of these assets are driven by different factors, and they may not move in sync with each other.
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• Feb 18, 2022 · 3 years ago
  The correlation between the price of commercial metals stock and the price of Bitcoin is quite low. Commercial metals stock is influenced by factors such as supply and demand dynamics in the metal industry, company performance, and macroeconomic conditions. On the other hand, Bitcoin's price is driven by factors like market demand, regulatory developments, and investor sentiment towards cryptocurrencies. While there may be some indirect connections between these assets, their price movements are primarily driven by different factors.
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• Feb 18, 2022 · 3 years ago
  According to a study conducted by BYDFi, there is a weak positive correlation between the price of commercial metals stock and the price of Bitcoin. This means that when the price of commercial metals stock increases, there is a slight tendency for the price of Bitcoin to also increase, and vice versa. However, it's important to note that this correlation is not strong enough to make reliable predictions or investment decisions. The price movements of these assets are influenced by a wide range of factors, and it's crucial to consider the specific dynamics of each asset when analyzing their performance.
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