Bitcoin Up, Stocks Down as BTC Correlation to Nasdaq Weakens

While the crypto and stock markets both remain bearish, Bitcoin’s correlation with stocks is close to its lowest point this year. The 40-day correlation between the largest cryptocurrency and the Nasdaq 100 index is now below 0.50, according to Bloomberg data.
$Bitcoin (BTC.CC)$ is trading for $20,675 now. In contrast, U.S. stocks were hit hard on Thursday as investors worry about the Federal Reserve continuing to hike interest rates. And it isn’t just the tech-heavy Nasdaq: global equities markets also took a beating on Thursday—along with oil—as more investors move towards holding onto their greenbacks.
Correlation with the Nasdaq is measured on a -1 to 1 scale: -1 means the prices always move in opposite directions; 1 means they move together. Today, Bitcoin is at its lowest correlation with the Nasdaq since early January.