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To help multiple analysts collaborate by contributing data, analysis, observations, and suggestions for this how-to, data.world and IBM SPSS Statistics were used. Therefore, the S&P 500 is a good indicator of the US marketplace sentiments. The S&P 500 Index is a larger and more diverse index, made up of 500 of the most widely traded stocks in the US. While DJIA is one of the oldest, better known and frequently used indices it represents only about a quarter of the value of the entire US stock market. For this how-to, the S&P 500 index is used to determine if Bitcoin prices are affected by the performance of the index over a period of time. We considered three different stock market indices including Dow Jones Industrial Average (DJIA), Standard & Poors 500 Index (S&P 500), and Nasdaq Composite Index, etc. Using one of the latest IBM SPSS Statistics integration, we thought it would be interesting to do some basic analysis on factors that affect the price of Bitcoins. However, the past 12 months have seen both all-time highs and rapid fluctuations for the different indices (DJIA, S&P 500, etc.), gold and Bitcoin. Investors see Bitcoin as the next “gold” (a safe asset for the future) to invest in as there are only a limited amount of Bitcoins.
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Cryptocurrencies have gained immense popularity in recent years with Bitcoin being the first and most popular peer-to-peer cryptocurrency.