The correlation between Bitcoin and US tech stocks has reached its highest level since 2022.
BlockBeats News, November 17, according to The Kobeissi Letter, the 30-day correlation between bitcoin and the Nasdaq 100 Index has reached approximately 0.80, the highest level since 2022. This is also the second highest reading in nearly 10 years.
According to reports, the correlation between the two has remained positive over the past five years, with a brief fluctuation in 2023. As a result, the five-year correlation between bitcoin and the Nasdaq Index has reached 0.54. In contrast, the correlation between bitcoin and cash or gold is essentially zero. Bitcoin's performance is increasingly resembling that of a leveraged tech stock.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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