Bitcoin weekly correlation with Nasdaq hits 2-year low
As Bitcoin (BTC) takes a little break from its previous gains, the relationship between the largest cryptocurrency by market capitalization and the stock market is often a matter of interest among analysts, and recently this correlation has hit a record low for more than two years. Specifically, the weekly correlation of the maiden crypto asset to the Nasdaq index has dropped to -0.39, its lowest point since August 2021, or 26 months, as observed by the co-founder of crypto market analytics platform Reflexivity Research, Will Clemente, in an X post published on October 30. Bitcoin’s correlation with stocks since early 2021. Source: Will Clemente Meanwhile, stocks have experienced a massive turn for the worse in recent weeks, shedding a significant portion of their gains due to increased macroeconomic challenges, whereas Bitcoin witnessed a major rally that managed to flip the market capitalization of electric vehicle manufacturer Tesla (NASDAQ: TSLA). At the same time, the fina...