Cryptocurrency

Bitcoin ETF

Bitcoin

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 <p class="paragraph">As Bitcoin (BTC) takes a little break from its previous gains, the relationship between the largest cryptocurrency by market capitalization and the stock market is often a matter of interest among analysts, and recently this <a rel="noopener noreferrer nofollow" title="correlation" href="https://thebittimes.com/tag/correlation.html">correlation</a> has hit a record low for more than two years.</p>
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 <p class="paragraph">Specifically, the <a rel="noopener noreferrer nofollow" title="weekly" href="https://thebittimes.com/tag/weekly.html">weekly</a> <a rel="noopener noreferrer nofollow" title="correlation" href="https://thebittimes.com/tag/correlation.html">correlation</a> of the maiden crypto asset to the Nasdaq index has dropped to -0.39, its lowest point since August 2021, or 26 months, as observed by the co-founder of crypto market analytics platform Reflexivity Research, Will Clemente, in an X post published on October 30.</p>
 <figure class="wp-block-image aligncenter is-resized"><img decoding="async" loading="lazy" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/8C0SQODQWlJ9-ELsyEtk7XlPFrRFqSregu9Oev12mfKmeGmiSooXKnt0O-J0mb2DYJEJ1XezEoNQIU0DnplE6LT7bCgdVv2y3sx8SQlu00bOPK2_FU2e_PcoQ639roTySKuCp5OXheQx17JwKYj-W_0" alt width="750" height="448">
  <figcaption class="wp-element-caption"><em>Bitcoin’s correlation with stocks since early 2021. Source: </em><em>Will Clemente</em>
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 <p class="paragraph">Meanwhile, stocks have experienced a massive turn for the worse in recent weeks, shedding a significant portion of their gains due to increased macroeconomic challenges, whereas Bitcoin witnessed a major rally that managed to flip the market capitalization of electric vehicle manufacturer Tesla (NASDAQ: TSLA).</p>
 <p class="paragraph">At the same time, the financial expert and CEO of crypto trading platform CoinRoutes, Dave Weisberger, has pointed out that the macroeconomic outlook for Bitcoin, as well as for gold, was “as overwhelmingly positive as it could possibly be,” taking into account geopolitical uncertainties, as Finbold reported earlier.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
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       <h3 class="font-bold leading-6 " id="this-is-when-bitcoin-might-hit-the-highly-anticipated-100k-mark">This is when Bitcoin might hit the ‘highly anticipated’ $100k mark</h3>
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       <h3 class="font-bold leading-6 " id="former-sec-insider-says-spot-bitcoin-etf-is-a-matter-of-months">Former SEC insider says spot Bitcoin ETF is 'a matter of months'</h3>
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 <p class="paragraph">At press time, Bitcoin was trading at the price of $34,404, which indicates a decline of 0.95% on the day and a 0.42% loss across the previous week, but it is still holding onto the monthly gains of 26.53%, according to the latest data on October 31.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/_jHP-HV-nphmE9NaYAoP8knWyAkJpp06QsPSld9xvFyc1NdRsf_ZSvie7X6U4sSwKx8rYsgp4tNQjlJ8hKKLxVmVeyLxxC8cJiOjdIpxaOzRAyhh6ICyNZJ05Sqv3Ho0Utu6zkszZxuu8MZVEWz4lHc" alt>
  <figcaption class="wp-element-caption"><em>Bitcoin 30-day price chart. Source: </em><em>Finbold</em>
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 <p class="paragraph">Indeed, the flagship decentralized finance (DeFi) asset previously had the tendency to move in the same direction as the Nasdaq index, which has led some financial experts to use it as an argument against Bitcoin’s role as a diversifier. However, the recent de<a rel="noopener noreferrer nofollow" title="correlation" href="https://thebittimes.com/tag/correlation.html">correlation</a> of -0.39 might prove them wrong.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-weekly-correlation-with-nasdaq-hits-2-year-low-tbt68522.html">https://thebittimes.com/bitcoin-weekly-correlation-with-nasdaq-hits-2-year-low-tbt68522.html</a></p>

Bitcoin weekly correlation with Nasdaq hits 2-year low

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