{"id":542215,"date":"2023-07-11T23:00:57","date_gmt":"2023-07-11T23:00:57","guid":{"rendered":"https:\/\/ktsl888.com\/?p=542215"},"modified":"2024-06-11T08:09:07","modified_gmt":"2024-06-11T08:09:07","slug":"bitcoin-nasdaq-correlation-2-year-low","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-nasdaq-correlation-2-year-low\/","title":{"rendered":"Bitcoin And NASDAQ Composite Index Correlation Drops To A 2-Year Low"},"content":{"rendered":"

New data from Kaiko on July 11\u00a0<\/span>indicates<\/span><\/a> that the correlation between Bitcoin and the Nasdaq Composite Index is at a two-year low. The correlation coefficient between these two assets dropped to less than 1% in early July. <\/span><\/p>\n

At this level, it is at July 2021 lows. The NASDAQ Composite Index tracks the performance of all stocks listed on the NASDAQ stock exchange. Among stocks listed on this bourse include Coinbase\u2019s COIN.<\/span><\/p>\n

Dropping Correlation Between Bitcoin And NASDAQ
\n<\/span><\/h2>\n

A correlation coefficient of around 0% signifies a weak negative relationship between Bitcoin and the NASDAQ. This implies that Bitcoin prices moved in the opposite direction or are unrelated to the NASDAQ Composite Index action.\u00a0<\/span><\/p>\n

Related Reading: Bitcoin Google Search Interest Stands At Critical Level, What This Forecast For BTC<\/a><\/div>\n

As of July 10, Bitcoin prices were relatively firm, oscillating around the $30,000 level and generally in an uptrend looking at price performance in Q2 2023. For context, Bitcoin is less than $2,000 away from 2023 highs of $31,400 registered in June 2023. <\/span><\/p>\n

Meanwhile, market data shows<\/a> that the NASDAQ Composite Index is also at multi-month highs and firm, reflecting the broader market recovery in the United States.<\/span><\/p>\n

\"Bitcoin<\/a>
Bitcoin price on July 11| Source: BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

The dwindling correlation between Bitcoin and the NASDAQ may be attributed to several factors. One potential explanation is that investors are becoming more discerning in their investment choices. <\/span><\/p>\n

As the cryptocurrency market matures and regulations are drafted, investors might seek assets with low correlation with traditional finance instruments like stocks and indices.<\/span><\/p>\n

The other reason could stem from the recent action of the cryptocurrency market. In 2022, cryptocurrencies, including Bitcoin, fell from highs registered in 2021. After peaking at over $69,000, Bitcoin prices crashed in 2022. <\/span><\/p>\n

This was fast-tracked by the solvency of several centralized finance platforms offering crypto services, including Celsius. The collapse of FTX, a popular cryptocurrency exchange, forced prices even low. In November 2022, BTC prices crashed below $16,000.\u00a0<\/span><\/p>\n

Like crypto assets, technology stocks like COIN listed on NASDAQ are relatively volatile and were also impacted by rising interest rates in 2021. Subsequently, the dump in asset prices might have forced investors to be more risk-averse and diversify their holdings, forcing the correlation between NASDAQ and Bitcoin even lower.\u00a0<\/span><\/p>\n

Watching The US Federal Reserve<\/span><\/h2>\n

Whether this correlation will fall in the months ahead remains to be seen. However, at the moment, the cryptocurrency market seems fragile. Bitcoin bulls have failed to break above June 2023 highs in continuation of bullish pressure in the past few weeks.\u00a0<\/span><\/p>\n

Related Reading: Bulls Remain Resilient Despite Litecoin\u2019s Fall Below $100, Key Levels To Watch<\/a><\/div>\n

At the same time, market participants closely track how the United States Federal Reserve will proceed with its monetary policy.\u00a0<\/span><\/p>\n

After steadily increasing interest rates to tame rising inflation, the central bank paused rate hikes in Q2 2023. Whether they will slash rates in the coming months remains to be seen.<\/span><\/p>\n

Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

New data from Kaiko on July 11\u00a0indicates that the correlation between Bitcoin and the Nasdaq Composite Index is at a two-year low. The correlation coefficient between these two assets dropped to less than 1% in early July. At this level, it is at July 2021 lows. The NASDAQ Composite Index tracks the performance of all stocks listed on the NASDAQ stock exchange. Among stocks listed on this bourse include Coinbase\u2019s COIN. Dropping Correlation Between Bitcoin And NASDAQ A correlation coefficient of around 0% signifies a weak negative relationship between Bitcoin and the NASDAQ. This implies that Bitcoin prices moved in the opposite direction or are unrelated to the NASDAQ Composite Index action.\u00a0 Related Reading: Bitcoin Google Search Interest Stands At Critical Level, What This Forecast For BTC As of July 10, Bitcoin prices were relatively firm, oscillating around the $30,000 level and generally in an uptrend looking at price performance in Q2 2023. For context, Bitcoin is less than $2,000 away from 2023 highs of $31,400 registered in June 2023. Meanwhile, market data shows that the NASDAQ Composite Index is also at multi-month highs and firm, reflecting the broader market recovery in the United States. The dwindling correlation between Bitcoin and the NASDAQ may be attributed to several factors. One potential explanation is that investors are becoming more discerning in their investment choices. As the cryptocurrency market matures and regulations are drafted, investors might seek assets with low correlation with traditional finance instruments like stocks and indices. The other reason could stem from the recent action of the cryptocurrency market. In 2022, cryptocurrencies, including Bitcoin, fell from highs registered in 2021. After peaking at over $69,000, Bitcoin prices crashed in 2022. This was fast-tracked by the solvency of several centralized finance platforms offering crypto services, including Celsius. The collapse of FTX, a popular cryptocurrency exchange, forced prices even low. In November 2022, BTC prices crashed below $16,000.\u00a0 Like crypto assets, technology stocks like COIN listed on NASDAQ are relatively volatile and were also impacted by rising interest rates in 2021. Subsequently, the dump in asset prices might have forced investors to be more risk-averse and diversify their holdings, forcing the correlation between NASDAQ and Bitcoin even lower.\u00a0 Watching The US Federal Reserve Whether this correlation will fall in the months ahead remains to be seen. However, at the moment, the cryptocurrency market seems fragile. Bitcoin bulls have failed to break above June 2023 highs in continuation of bullish pressure in the past few weeks.\u00a0 Related Reading: Bulls Remain Resilient Despite Litecoin\u2019s Fall Below $100, Key Levels To Watch At the same time, market participants closely track how the United States Federal Reserve will proceed with its monetary policy.\u00a0 After steadily increasing interest rates to tame rising inflation, the central bank paused rate hikes in Q2 2023. Whether they will slash rates in the coming months remains to be seen. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":542213,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,4941,7918,3110],"class_list":["post-542215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-prices","tag-federal-reserve","tag-nasdaq"],"acf":[],"yoast_head":"\nBitcoin And NASDAQ Composite Index Correlation Drops To A 2-Year Low<\/title>\n<meta name=\"description\" content=\"New data from Kaiko on July 11\u00a0indicates\u00a0that the correlation between Bitcoin and the Nasdaq Composite Index is at a two-year low.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/ktsl888.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin And NASDAQ Composite Index Correlation Drops To A 2-Year Low","url":"http:\/\/ktsl888.com\/news\/bitcoin-nasdaq-correlation-2-year-low\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-nasdaq-correlation-2-year-low\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/07\/Bitcoin-Nasdaq.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/07\/Bitcoin-Nasdaq.jpg?fit=1380%2C780"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin prices","federal reserve","nasdaq"],"dateCreated":"2023-07-11T23:00:57Z","datePublished":"2023-07-11T23:00:57Z","dateModified":"2024-06-11T08:09:07Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin And NASDAQ Composite Index Correlation Drops To A 2-Year Low\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-nasdaq-correlation-2-year-low\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-nasdaq-correlation-2-year-low\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/Bitcoin-Nasdaq.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/Bitcoin-Nasdaq.jpg?fit=1380%2C780\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin prices\",\"federal reserve\",\"nasdaq\"],\"dateCreated\":\"2023-07-11T23:00:57Z\",\"datePublished\":\"2023-07-11T23:00:57Z\",\"dateModified\":\"2024-06-11T08:09:07Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/07\/Bitcoin-Nasdaq.jpg?fit=1380%2C780","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/542215"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=542215"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/542215\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/542213"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=542215"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=542215"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=542215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}