Two-Year High: Bitcoin Ties Closely to Nasdaq 100 Amid Inflation Worries
Bitcoin’s correlation with U.S. tech stocks has surged to a two-year high, with the 30-day correlation coefficient between bitcoin and the Nasdaq 100 reaching 0.70.
This alignment highlights how economic factors, particularly the upcoming U.S. inflation report, could influence digital assets. As inflation persists amid a strong economy and uncertainty about interest-rate cuts, speculation grows around President-elect Donald Trump’s cryptocurrency policies. Analysts suggest that bitcoin’s response to these macroeconomic conditions will be pivotal, potentially determining whether it rebounds or faces further downward pressure.
Clever Robot News Desk 17th January 2025
