has struggled mightily over the past months, with its price falling more than 20% since hitting a record high in mid-March, U.S. stocks – as represented by the Nasdaq Composite and the S&P 500 – have seemingly been on a one-way path higher.
Both of those equity averages closed in the green for the seventh consecutive day on Wednesday, with both hitting all-time highs. For the S&P 500, it was its 37th record close of 2024 and for the Nasdaq, its 27th,noted that bitcoin's correlations with those gauges had fallen to multi-month lows – to minus 0.84 with the Nasdaq and minus 0.82 with the S&P 500. That's not the case today. They're all moving in lockstep.
"Right now, the biggest risk we see to crypto assets is the risk that highly overbought U.S. equities could be on the verge of rolling over," Kruger said."The correlation isn’t absolute by any means, but there is evidence that would suggest a sharp pullback in stocks could weigh on crypto, at least for a moment."in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.
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