Bitcoin wants to break its bond with stocks
$Bitcoin(BTC.CC$ The cryptocurrency, which has been closely correlated with tech stocks for much of its torrid 2022, is staging one of its strongest efforts yet to break away.
Its 30-day correlation with the $Nasdaq Composite Index(.IXIC.US$ slid to 0.26 last week, its level lowest since early January, where a measure of 1 indicates the two assets are moving in lock step.
The market is now looking to the Fed meeting next week for further confirmation of the risk asset/BTC correlation breakdown.
Yet it's anyone's guess whether fickle bitcoin will begin to rally, or slide anew, or if it will swiftly rebound to the embrace of technology stocks.
For the foreseeable future, macroeconomics remain the driver of a market that remains highly speculative in nature. $BTC/USD(BTCUSD.CC$ $Coinbase(COIN.US$
Its 30-day correlation with the $Nasdaq Composite Index(.IXIC.US$ slid to 0.26 last week, its level lowest since early January, where a measure of 1 indicates the two assets are moving in lock step.
The market is now looking to the Fed meeting next week for further confirmation of the risk asset/BTC correlation breakdown.
Yet it's anyone's guess whether fickle bitcoin will begin to rally, or slide anew, or if it will swiftly rebound to the embrace of technology stocks.
For the foreseeable future, macroeconomics remain the driver of a market that remains highly speculative in nature. $BTC/USD(BTCUSD.CC$ $Coinbase(COIN.US$
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Zerocool888 : And I was SPOT ON! SLIDE ANEW! This will keep on sliding until it reaches $1.