You are currently viewing Bitcoin Falls Out Of Step With US Equities, What This Could Mean For The Crypto Market

Recent data shows that Bitcoin has completely detached from US stocks. This is significant considering how the flagship crypto and these stocks had a positive correlation before now, which undoubtedly positively impacted Bitcoin and the broader crypto market.

Bitcoin Has No Correlation With US Stocks

Data from the market intelligence platform IntoTheBlock shows that Bitcoin’s correlation with the Nasdaq 100 and S&P 500 has dropped to -0.78 and -0.83, respectively. This means that Bitcoin and these assets have a strong negative correlation, with their prices tending to move in opposite directions. 

Related Reading Source: IntoTheBlock

Indeed, that has been the case for a while now, seeing as the flagship crypto has been on a major downtrend for a while now. On the other hand, the Nasdaq 100 and S&P 500 have continued to enjoy considerable rallies. Data from IntoTheBlock shows that the Nasdaq 100 and S&P 500 are up

Keep reading this article on Newsbtc.com.

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