Bitcoin About to Follow Nasdaq Higher?
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- Bitcoin Nasdaq correlation collapses to negative 0.20, its weakest reading in a decade.
- Nasdaq approaches all-time highs while Bitcoin sits at a historically low gold valuation.
- Bitcoin averaged 45% gains three months after previous collapses of similar magnitude.
Bitcoin is trading at $74,683, up 0.71% in 24 hours, while US spot Bitcoin ETFs recorded $411.5 million in net inflows on April 15, one of the strongest single-day flow figures in recent weeks. But the more interesting story is playing out in the charts.
Analyst Michaël van de Poppe said that Bitcoin’s correlation with the Nasdaq, which has historically ranged between 0.40 and 0.85 depending on the market environment, has collapsed to negative 0.20 over the past two quarters.
That is the weakest correlation between the two assets in the past decade. “This period? The weakest correlation in the past 10…
Read The Full Article Bitcoin About to Follow Nasdaq Higher? On Coin Edition.
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