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What is the correlation between the Case Shiller Index in Seattle and the price of Bitcoin?

avatarAngu PranisaMar 25, 2022 · 3 years ago3 answers

Can the Case Shiller Index in Seattle be used to predict the price of Bitcoin? Is there any correlation between the two?

What is the correlation between the Case Shiller Index in Seattle and the price of Bitcoin?
Bitcoin
Case Shiller Index
Correlation

3 answers

  • avatarMar 25, 2022 · 3 years ago
    While the Case Shiller Index in Seattle tracks the housing market, it does not directly correlate with the price of Bitcoin. Bitcoin's price is influenced by various factors such as market demand, investor sentiment, and global economic conditions. Therefore, it is not advisable to solely rely on the Case Shiller Index to predict Bitcoin's price.
  • avatarMar 25, 2022 · 3 years ago
    The Case Shiller Index in Seattle and the price of Bitcoin are two completely different entities. The Case Shiller Index measures the housing market in Seattle, while Bitcoin is a decentralized digital currency. Although both can be influenced by economic factors, there is no direct correlation between the two.
  • avatarMar 25, 2022 · 3 years ago
    According to a study conducted by BYDFi, there is a weak positive correlation between the Case Shiller Index in Seattle and the price of Bitcoin. This means that as the housing market in Seattle improves, there is a slight tendency for Bitcoin's price to increase. However, it is important to note that this correlation is not strong enough to make accurate predictions or investment decisions.

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