Bitcoin and other speculative investments plunged during the last Federal Reserve rate hike cycle on expectations that the rate hike would dampen risk appetite. Now, with renewed optimism that borrowing costs could soon fall, proponents of the largest cryptocurrency by market capitalization say it is more akin to high-growth assets such as tech stocks.
Recently, the same has been true for Bitcoin. The 90-day correlation coefficient between the digital currency and the tech-heavy Nasdaq 100 index reached 0.46 this week, the highest level since late August 2023. A correlation coefficient of 1 means assets are moving in sync, while a negative 1 indicates they are moving in the opposite direction. After the Federal Reserve began raising the target interest rate on overnight loans between banks in early 2022, the correlation jumped to more than 0.8.
Bloomberg: Bitcoin's correlation with U.S. tech stocks jumps to its highest level since August 2023
2024-05-17 13:36:09
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