May 9th 2022
Bitcoin’s correlation to US equities grows further
Bitcoin’s correlation to risk assets continues to grow, leading bitcoin’s 30-day correlation to Nasdaq to reach a definite all-time high.
Source: Tradingview
Bitcoin has been mirroring the Nasdaq performance throughout 2022, and as derisking has escalated in the market, bitcoin has clearly been impacted, evident by BTC’s 30-day correlation to the Nasdaq index soaring to a new all-time high of 0.8.
The tight correlation between BTC and Nasdaq was particularly striking during last week’s FOMC, where both assets moved in tight tandem.