Bitcoin’s Growing Correlation with U.S. Stocks Fuels Optimism Amid Rate Cut Speculations

According to Bloomberg, the 90-day correlation coefficient between Bitcoin and the Nasdaq 100 index, a tech-heavy benchmark, reached 0.46 this week—the highest since late August. A coefficient of 1 indicates that assets move in perfect sync, while -1 suggests they move in opposite directions. Per the article, when the Fed began raising rates in early […] source: https://www.cryptoglobe.com/latest/2024/05/bitcoins-growing-correlation-with-u-s-stocks-fuels-optimism-amid-rate-cut-speculations/