Bitcoin’s Correlation With Nasdaq 100 Weakens as Link to Gold Strengthens
JH Kim
Summary
- Bitcoin’s correlation with technology stocks has weakened, while its correlation with gold has strengthened.
- According to Glassnode, Bitcoin’s 90-day correlation coefficient with the Nasdaq 100 index fell to 0.22 from 0.57 in March.
- Over the same period, Bitcoin’s 90-day correlation with gold rose to 0.57 from 0.21, reinforcing a trend of price moves increasingly moving in line with gold.
Forecast Trend Report by Period
Bitcoin has become less closely correlated with technology stocks since March, while its correlation with gold has strengthened.
Glassnode said on September 7 that Bitcoin’s 90-day correlation coefficient with the Nasdaq 100 index had fallen to 0.22 from 0.57 in March.
Over the same period, Bitcoin’s 90-day correlation with gold climbed to 0.57 from 0.21. Compared with March, that means Bitcoin’s correlation with the Nasdaq 100 and gold has essentially reversed.
Recent price moves suggest Bitcoin is increasingly decoupling from tech stocks while moving more in line with gold.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.