Bitcoin's correlation with tech stocks, particularly the Nasdaq 100, has reached its lowest level since April 25th. The decoupling of Bitcoin and equities is due to diverging sentiment around cryptocurrencies and traditional assets as investors react differently to uncertainty around the Federal Reserve's path of rate hikes and bank collapses in March. While Bitcoin remains a riskier asset than tech stocks in an uncertain macro environment, it has benefited from negative headlines around banking causing panic in equity markets. However, there isn't currently a catalyst compelling investors to buy Bitcoin while tech stocks are riding the hype surrounding artificial intelligence.
All Comments