Bitcoin

<a href="https://bitcoinworld.co.in/bitcoin-correlates-with-nasdaq/" title="Bitcoin Correlates with Nasdaq than Gold, Says CryptoQuant Analyst" rel="nofollow"></a>
<div class="flex max-w-full flex-col flex-grow"> 
 <div class="min-h-[20px] text-message flex w-full flex-col items-end gap-2 whitespace-normal break-words [.text-message+&amp;]:mt-5" dir="auto" data-message-author-role="assistant" data-message-id="c3a0f4d7-34d8-4e65-8ec6-790a9f784d7f"> 
  <div class="flex w-full flex-col gap-1 empty:hidden first:pt-[3px]"> 
   <div class="markdown prose w-full break-words dark:prose-invert dark"> 
    <p><strong>Bitcoin Correlates with Nasdaq</strong>: According to <strong>Julio Moreno</strong>, Head of Research at <strong>CryptoQuant</strong>, Bitcoin’s recent price movements are more closely aligned with the <strong>Nasdaq</strong> index than with <strong>gold</strong>. In a recent post on <strong>X (formerly Twitter)</strong>, Moreno highlighted that <strong>Bitcoin (BTC)</strong> currently has a <strong>30-day correlation</strong> of <strong>+0.39</strong> with the Nasdaq, while its correlation with gold has dropped to <strong>-0.4</strong>. These figures suggest that Bitcoin is behaving more like a risk-on asset similar to tech stocks, rather than as a safe-haven asset like gold.</p> 
    <p><img decoding="async" class="size-medium wp-image-82355 aligncenter" src="http://bitcoinworld.co.in/wp-content/uploads/a62a6a42a09bc3fd7499542598a7c929-533x300.jpg" alt="Bitcoin Correlates with Nasdaq" width="533" height="300" srcset="https://bitcoinworld.co.in/wp-content/uploads/a62a6a42a09bc3fd7499542598a7c929-533x300.jpg 533w, https://bitcoinworld.co.in/wp-content/uploads/a62a6a42a09bc3fd7499542598a7c929-889x500.jpg 889w, https://bitcoinworld.co.in/wp-content/uploads/a62a6a42a09bc3fd7499542598a7c929-1067x600.jpg 1067w, https://bitcoinworld.co.in/wp-content/uploads/a62a6a42a09bc3fd7499542598a7c929-768x432.jpg 768w, https://bitcoinworld.co.in/wp-content/uploads/a62a6a42a09bc3fd7499542598a7c929-1536x864.jpg 1536w, https://bitcoinworld.co.in/wp-content/uploads/a62a6a42a09bc3fd7499542598a7c929.jpg 1600w" sizes="(max-width: 533px) 100vw, 533px"></p> 
    <h3 id="a-href-https-www-google-com-url-sa-tsource-webrct-jopi-89978449url-https-bitcoin-org-ved-2ahukewiuo4fv77qiaxxsu2wghsbejo8qfnoecfeqaqusg-aovvaw1mq1ylttdsblcbg_olzkof-rel-nofollow-noopener-target-_blank-bitcoin-a-s-shifting-correlations"><a href="https://www.google.com/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://bitcoin.org/&amp;ved=2ahUKEwiUo4fV77qIAxXsU2wGHSbeJO8QFnoECFEQAQ&amp;usg=AOvVaw1MQ1YLTtDSBLCbg_OLZkOF" rel="nofollow noopener" target="_blank">Bitcoin</a>’s Shifting Correlations</h3> 
    <p>Moreno’s analysis shows that <strong>Bitcoin’s behavior</strong> has evolved in the current macroeconomic environment. While BTC was once viewed as “digital gold” due to its perceived potential as a hedge against inflation and economic uncertainty, its price action now more closely mirrors that of the <strong>Nasdaq</strong>, a stock index dominated by technology companies. This indicates that investors may be treating Bitcoin more like a <strong>risk asset</strong> than a <strong>safe-haven</strong> store of value.</p> 
    <p>The <strong>+0.39 correlation</strong> with the Nasdaq highlights a moderately strong positive relationship, meaning that when the tech-heavy index rises or falls, Bitcoin is likely to follow a similar pattern. In contrast, Bitcoin’s <strong>-0.4 correlation</strong> with gold reflects an inverse relationship, suggesting that BTC and gold are behaving more like opposite assets in the current market climate.</p> 
    <h3 id="why-bitcoin-is-behaving-more-like-the-a-href-https-www-google-com-url-sa-tsource-webrct-jopi-89978449url-https-www-nasdaq-com-ved-2ahukewi4ktm077qiaxvhr2wgheb6c_sqfnoecekqaqusg-aovvaw3xosy_ryj9qfagy3vmslqk-rel-nofollow-noopener-target-_blank-nasdaq-a">Why Bitcoin is Behaving More Like the <a href="https://www.google.com/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.nasdaq.com/&amp;ved=2ahUKEwi4ktm077qIAxVHR2wGHeb6C_sQFnoECEkQAQ&amp;usg=AOvVaw3XOSY_rYj9QFAGY3VmSlQK" rel="nofollow noopener" target="_blank">Nasdaq</a></h3> 
    <p>Bitcoin’s growing alignment with the Nasdaq could be attributed to several factors, including:</p> 
    <ol> 
     <li><strong>Increased Institutional Adoption</strong>: As more institutional investors enter the crypto market, Bitcoin’s price movements are increasingly influenced by broader market trends, particularly those in the technology sector, where many of these investors also hold significant positions.</li> 
     <li><strong>Macroeconomic Conditions</strong>: With interest rates, inflation, and global economic concerns influencing markets, Bitcoin has been behaving similarly to risk-on assets like tech stocks, which are sensitive to changes in investor sentiment.</li> 
     <li><strong>Reduced Safe-Haven Appeal</strong>: Bitcoin’s historical narrative as “digital gold” is being challenged as it fails to consistently act as a hedge against macroeconomic downturns. Investors may now view gold as a more reliable store of value, leading to Bitcoin’s inverse correlation with the precious metal.</li> 
    </ol> 
    <h3 id="implications-for-investors">Implications for Investors</h3> 
    <p>For crypto investors, the shifting correlation patterns between <strong>Bitcoin</strong>, <strong>Nasdaq</strong>, and <strong>gold</strong> may influence portfolio strategies. As Bitcoin becomes more correlated with risk-on assets like tech stocks, investors may approach it similarly to high-growth investments, rather than as a hedge during market downturns. Conversely, gold continues to serve as a safe-haven asset during times of economic uncertainty, meaning investors might diversify between both to balance risk.</p> 
    <h3 id="conclusion-bitcoin-s-role-in-the-market-evolves">Conclusion: Bitcoin’s Role in the Market Evolves</h3> 
    <p>As noted by <strong>Julio Moreno</strong>, Bitcoin’s current correlation patterns suggest that it is behaving more like the <strong>Nasdaq</strong> than <strong>gold</strong>, reflecting its status as a risk-on asset rather than a safe-haven store of value. This evolving dynamic is crucial for investors seeking to understand Bitcoin’s role in their portfolios as the cryptocurrency continues to mature.</p> 
    <p>To learn more about the innovative startups shaping the future of the crypto industry, explore our article on the <a href="https://bitcoinworld.co.in/category/news/latest-news/" rel="noopener">latest news</a>, where we delve into the most promising ventures and their potential to disrupt traditional industries.</p> 
   </div> 
  </div> 
 </div> 
</div>

Bitcoin Correlates with Nasdaq than Gold, Says CryptoQuant Analyst

Table of Contents

ItsBitcoinWorld

Other articles published on Sep 11, 2024

Analysts Forecast Bitcoin Trends in Volatile Market

Allegiance Oil & Gas with Over $1B in AUM Offers First Mineral Vault on Plume Network

Crypto activity in 2024 surpasses 2021 peak, fueled by Bitcoin ETFs — Chainalysis

Why Taylor Swift Is Supporting Kamala Harris in the US Elections 2024?

Metaplanet Expands Bitcoin Holdings with ¥300 Million Purchase Amid Market Uncertainty

FLOKI Completes $CAT Airdrop, But an Error Leaves Some Users Tokenless

Join our free newsletter for daily crypto updates!