Bitcoin's correlation with stock is increasing again
The 90-day correlation between the flagship cryptocurrency and the tech-heavy Nasdaq 100 index has reached 0.46, the highest level in almost a year. The correlation between the largest cryptocurrency and equities tends to fluctuate based on macro-financial conditions. For instance, it soared to as high as 0.50 in May 2022. It also surged through the roof in 2020 during the QE era.
The latest inflation data has revived bullish sentiment since Wall Street believes that the U.S. Federal Reserve might now end up cutting rates multiple times this year. Lower borrowing costs would be hugely beneficial for risk assets like stocks and crypto.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin (BTC) Plunging in Tandem with Nvidia and Other AI PlaysBitcoin's high correlation with stocks undermines the "safe haven" narrative
Read more »
Bitcoin coils up for 20% climb, Standard Chartered forecasts more gains for BTCBitcoin (BTC) price remains devoid of directional bias, trading sideways as part of a horizontal chop.
Read more »
Bitcoin trader flags key levels as BTC price attacks $64K liquidityBitcoin liquidates positions within its intraday trading range as BTC price returns to $64,000.
Read more »
Crypto Exchange Bitget to Reimburse Users for Transaction FeesCommissions for trading in Bitcoin (BTC), Ethereum (ETH) pairs will be covered by BGB reimbursement program
Read more »
MicroStrategy buys 122 BTC in April to bring total holdings to 214,400 BTCMichael Saylor's MicroStrategy purchased $7.8 million worth of BTC in April, bringing its total holdings to 214,400 BTC.
Read more »
New South Korean leadership will press for BTC ETF tradingThe Democratic Party of Korea is pushing for a reassessment of spot Bitcoin ETFs by the Financial Services Commission, as well as eyeing potential amendments to the Capital Markets Act.
Read more »