Bitcoin is recoupling with tech stocks to the delight of crypto devotees

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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