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Bitcoin Correlation with NASDAQ at Two-Year Low, Indicating Weak Negative Relationship

New data from Kaiko shows that the correlation between Bitcoin and the Nasdaq Composite Index has dropped to less than 1%, which is at a two-year low. This suggests a weak negative relationship between Bitcoin and the NASDAQ, indicating that Bitcoin prices moved in the opposite direction or are unrelated to the NASDAQ Composite Index action.

The dwindling correlation between Bitcoin and the NASDAQ may be attributed to several factors, including investors becoming more discerning in their investment choices and the recent action of the cryptocurrency market. Market participants are closely tracking how the United States Federal Reserve will proceed with its monetary policy.

Bitcoin Bitcoin $98,290.65
-0.03%
Bitcoin Federal Reserve
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