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Bitcoin & Nasdaq’s correlation over the past 10 Years – Explained
The idea of Bitcoin as a financial lone wolf, immune to Wall Street’s whims, is officially a relic. A close examination of its price movements next to those of the tech-focused Nasdaq index reveals two assets that are now unexpectedly in sync.
What’s driving this new relationship is a combination of big-money players entering the scene, global economic pressures, and a new breed of investor, all of which changes what Bitcoin even means in a portfolio today. Bitcoin’s price performance over the last few weeks makes this clearer with every passing day. At the time of writing, the crypto was valued at just under $120,000 on the charts. Over the past month alone, BTC has hiked by almost 20%. It can be argued that the asset has emerged as a significantly popular store of value too.
People used to buy Bitcoin specifically because it didn’t move with stocks, making it a hedge. However, the last few years have completely rewritten this story, showing its connection to the Nasdaq swinging wildly from non-existent to nearly identical. When Bitcoin started acting like a tech stock
Source: eng.ambcrypto.com
