Matrixport: Nasdaq Index and Bitcoin's 30-day correlation is as high as 42%, with the former hitting a new high
2024-05-15 15:21:46
On May 15th, Matrixport released a report saying that despite the higher than expected US Producer Price Index (PPI), the Nasdaq index still hit a record high last night. Although the Nasdaq index looks to be 5% higher than BTC's valuation, this also shows that BTC is undervalued, as the 30-day correlation between the two is still as high as 42%. This means that as the Nasdaq hits a new high, Bitcoin should also hit a new high.
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