A new report from the research division of Binance claims bitcoin’s performance was moderately correlated with the S&P 500 during the first quarter of the year. 

According to the Binance Research report published April 1, bitcoin showed a moderate positive correlation with US equity indexes during Q1 2020 and zero correlation with gold. 

Despite suffering its worst intraday losses on Mar. 12, bitcoin prices faired better than the traditional markets impacted by the ongoing coronavirus pandemic. 

The report reads, 

Due to the pandemic and the global economic turmoil, all asset prices were down in the first quarter of 2020. Over the first quarter of 2020, Bitcoin price was down by -10%, while the S&P500 displayed a -19% return. Their correlation was relatively high (0.57), which is explained by a similar pattern in daily business day returns.

Gold displayed a null relationship with bitcoin, ending the first quarter up 8% with the majority of gains coming in the final weeks of March. 

Crude oil prices suffered the worse, falling 66% as a result of downward price pressure and a failure by the Organization of the Petroleum Exporting Countries (OPEC) to respond appropriately to the crisis. 

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