Bitcoin Ditches Nasdaq for Gold as Correlation Plunges

Bitcoin's correlation with tech-heavy Nasdaq has plummeted to 33% from its previous high of over 60%, according to recent data analysis by Unfolded. This significant drop indicates that Bitcoin is increasingly diverging from the Nasdaq while moving more closely in line with gold.

Conversely, Bitcoin's correlation with gold has risen above 50%, suggesting that it now shows price movements more similar to gold than to tech stocks and other risk assets.

The shift in Bitcoin's correlation is a notable trend, as it was previously heavily influenced by the Nasdaq. However, recent market developments have caused Bitcoin to move more independently, with its price now more closely tied to that of gold.