Bitcoins Shocking Stock Market Correlation Continues To Grow

– The BTC-Nasdaq correlation has grown to a new ATH of over 0.8.
– The correlation is a measure of how the price of Bitcoin changes in response to movements in other assets like stock market equities.
– A positive correlation means that the cryptos price is moving in the same direction as the assets.
– A negative correlation implies that the price of the coin is responding to changes in the asset by moving in the opposite direction.
– A value of zero suggests that there is no real correlation between BTC and the given equity at the moment.
– The chart also shows that the cryptocurrencys correlation with DXY and Gold has been negative during recent months.
– The growing institutionalization of Bitcoin may be the cause behind the increasing correlation with the stock market.