Bitcoin and Nasdaq 100 Correlation Reaches Highest Level Since 2022

According to BlockBeats, the correlation between Bitcoin and the Nasdaq 100 index has reached approximately 0.80 over a 30-day period, marking the highest level since 2022. This figure is also the second highest in nearly a decade. Reports indicate that over the past five years, the correlation between Bitcoin and the Nasdaq 100 has consistently remained positive, with some fluctuations occurring in 2023. Consequently, the five-year correlation between the two stands at 0.54. In contrast, Bitcoin's correlation with cash and gold remains nearly zero, suggesting that Bitcoin is increasingly behaving like a leveraged tech stock.