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Bitcoin’s (BTC) correlation with the Nasdaq dropped to 3% in June, based on data from Kaiko – signifying a divergence in sentiment between cryptocurrencies and technology stocks.
The price range for the leading cryptocurrency in June fluctuated between $24,800 and $31,360, starting the month at $27,200.
The filing for BlackRock’s spot Bitcoin ETF on June 15 served as a positive catalyst, reversing the previous downtrend and reaching a new year-to-date high of $31,440 approximately eight days later.
Since that time, Bitcoin has been trading within a narrow range of $29,860 to $31,030 – experiencing a 3% decline since its year-to-date peak on June 23.
Source: BTCUSD on TradingView.com
In contrast, the tech-focused Nasdaq 100 has maintained a steady uptrend since the beginning of the year – achieving a year-to-date high of $15,230 on June 16. Following Bitcoin’s year-to-date peak on June 23, the Nasdaq has increased by 0.7%.
Source: NDX on TradingView.com
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Over a 30-day period, the Bitcoin-Nasdaq correlation began the year at 60% and fell to 22% by March, indicating a reduction in the alignment of price movements between the two. This phase of change stabilized somewhat, with the correlation finding it difficult to exceed 45%.
The Bitcoin-Nasdaq correlation has continued to decline throughout the year, sharply falling to 3% this week from over 20% in May.
Source: @KaikoData on Twitter.com
The data research firm Ecoinometrics released a chart illustrating Bitcoin-Nasdaq range movements from the beginning of the year to June 24. It depicted a similar trend between the two until April, after which a “notable decoupling” took place.
Ecoinometrics also noted that the Nasdaq’s performance appears disconnected from the wider macroeconomic environment – suggesting a potential reversal in the uptrend.
“But this bear market rally for stocks cannot escape the bleak macro picture forever.“
Source: @ecoinometrics on Twitter.com
The post Bitcoin correlation to Nasdaq sinks to 3% low in June appeared first on CryptoSlate.
