Bitcoin’s movements are now mirroring those of U.S. stocks to an unprecedented degree. A 40-day correlation coefficient for the digital token and the tech-heavy Nasdaq 100 has reached almost 0.66 — the most in data compiled by Bloomberg since 2010 — while a similar correlation with the S&P 500 is at a record too.
Read moreHow does the performance of bitcoin compare to the S&P 500 and the price of gold?
Bitcoin (BTC) may be down over 30% from its record high of $69,000, but it has emerged as one of the best-performing financial assets in 2021. BTC has bested the United States benchmark index the S&P 500 and gold . Arcane Research noted in its new report that Bitcoin’s year-to-date performance came out to be nearly 73%.
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