What’s good for equity investors appears to be beneficial again for cryptocurrency enthusiasts, with Bitcoin rebuilding its correlation with technology stocks. After a breakdown in the directional relationship between the two asset classes in June, the largest digital currency is back to mirroring the price moves of surging Nasdaq 100 Index.
4 versus negative 0.1 or so in June and July. A reading of 1 indicates assets are moving in lockstep, while minus-1 would show they’re moving in opposite directions. Back in the pandemic era of huge stimulus both crypto and tech stocks surged in tandem. Correlations between Bitcoin and a variety of traditional assets weakened in the wake of a 2022 crash in virtual coins that ended up diminishing investor interest in the market. Bitcoin gained for a third consecutive day, rising as much as 2.
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