Correlation Between Bitcoin and US Equities Drops
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The correlation between Bitcoin and the Nasdaq Composite and S&P 500 has reached its lowest point in several months.
This is in line with a recent Bloomberg report, which stated that the 90-day correlation between Bitcoin and the Nasdaq 100 index hit a low of 0.21 on Tuesday.
The correlation between Bitcoin and major US equity indices has decreased significantly since early June, when Bitcoin’s price reached $71,000 before dropping.
Currently, Bitcoin’s price is fluctuating between $58,000 and $59,000, while equity indices continue to show strength leading up to Thursday’s release of the US Consumer Price Index. Economists predict that the CPI will have only slightly decreased in June compared to the previous year.
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