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While the crypto and stock markets remain gloomy, the correlation between Bitcoin and equities is near its lowest point for the year. According to Bloomberg statistics, the 40-day correlation between the most significant cryptocurrency and the Nasdaq 100 index is below 0.50.
According to CoinMarketCap, Bitcoin is trading at $20,712 at the time of writing, a 2.5 percent raise over the last 24 hours. In contrast, U.S. equities suffered heavy losses on Thursday as investors fretted over the Federal Reserve's continued interest rate hikes. And it's not just the tech-heavy Nasdaq: global equity markets took a battering on Thursday, along with oil, as an increasing number of investors opt to hang onto their dollars.
Correlation with the Nasdaq is assessed on a scale ranging from -1 to 1. -1 indicates that the prices always move in different directions; 1 indicates that they move in tandem. Today is the lowest connection between Bitcoin and the Nasdaq since early January.
This starkly contrasts with April, when its 30-day correlation with the Nasdaq was at its highest level in more than a year.
The connection remains positive, indicating that Bitcoin and tech equities continue to advance in tandem. However, if the correlation diminishes, it may be interpreted as a hint that crypto has reached its bottom and is poised for a comeback.
For most of the epidemic, Bitcoin has traded in tandem with equities. Currently, it is down about 70% from its all-time high at $69,000 in November of last year. This is primarily because many institutional investors view crypto as a hazardous asset. We are in a risk-averse atmosphere as sky-high inflation affects practically every country on Earth. Political unpredictability stemming from Russia’s conflict in Ukraine and Chinese supply chain turmoil makes a recession appear likely.
Since 2020, Bitcoin has become more widespread than ever as MicroStrategy and Tesla added it to their balance sheets. Former Wall Street critics altered their tune, causing Bitcoin to perform like a technology stock. Until May, when it crashed.
Could the cryptocurrency market be in full recovery?