Apr 18th 2022
Are we nearing a correlation 1 moment?
BTC’s correlation to tech is climbing, while gold and the DXY are increasingly negatively correlated as fear and hawkish policies are on everyone’s lips.
Source: Tradingview
The broad financial markets are in an odd state at the moment. Bitcoin’s 30-day correlation to tech stocks has climbed to highs not seen since July 2020, while bitcoin’s correlation to gold has plunged to all-time lows.
Similarly, the bitcoin correlation to the dollar strength index is sitting at low levels of -0.53. The dollar is currently strengthening, with the DXY sitting at its highest level since March 2020.