Tech-heavy stock market indices, including the Nasdaq Composite and the S&P 500, have begun to recover. Amazon (NASDAQ:AMZN) posted high pandemic sales that led profits to climb threefold and reported a 37% spike in revenue. Facebook (NASDAQ:FB) also surpassed Wall Street expectations, achieving $21.5 billion in revenue during the third quarter.
Although the correlation between Bitcoin and U.S. stocks has declined in recent weeks, the probability that the rising risk-on market sentiment could buoy BTC remains high. As Kevin Svenson, a chartist at Kraken’s Cryptowatch, explained, the market direction between Bitcoin and the S&P 500 is the “same 80% of the time.”
Continue Reading on Coin Telegraph
