Correlation of Bitcoin to equities spikes after bad macro days but then goes away

Bitcoin still remains correlated to equities but data shows that the correlation only spikes up following bad macro performance and then completely disappears when the macro environment performs well.

The U.S. stock market suffered the sharpest decline in its history in March, as the world grappled with the fallout of the coronavirus pandemic. Since then, the S&P 500 index has fully recovered.