Bitcoin Breaks Away: Correlation with Tech Stocks at 3-Year Low

By Lola Coin Jun 26, 202356Views

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Bitcoin’s correlation with tech stocks has reached a three-year low, indicating that the leading cryptocurrency is carving out its own path. In June, the correlation between Bitcoin and top US stocks tracked by the Nasdaq 100 index dropped to just 3%, the lowest level in nearly three years. Bitcoin outperformed the broader tech index, gaining almost 14% compared to just 3% gains in the Nasdaq 100. This is a significant drop from the average correlation of 60% seen last year. The recent recovery in Bitcoin’s price can be attributed to the filing of applications for Bitcoin exchange-traded funds (ETFs) by major asset management firms, including BlackRock. This has sparked optimism about institutional crypto adoption. At the time of writing, Bitcoin was trading at $30,389.

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