Bitcoin is once again diverging from its correlation with equities as traders react to a disappointing earnings season and the latest news on FTX’s bankruptcy filing.
The largest digital currency’s 30-day rolling correlation with US equities fell to .17 last week — its lowest level since November 2021 — before recovering to .4, according to data from Kaiko. A correlation coefficient of 1 means the assets are moving perfectly together.
“On any other week, crypto markets would have almost certainly experienced a significant bounce after last week’s inflation print, which fueled hopes that inflation may be peaking and the Fed will slow its monetary tightening,” Kaiko researchers wrote in a note Monday. “While crypto assets tumbled, the Nasdaq 100 and the S&P 500 jumped by a whopping 8.8% and 5.9%, respectively.”
Bitcoin and ether, by contrast, are trading more closely than they have in over a year. Both digital assets locked in modest gains Monday, each rallying
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