Unless you’ve been living under a rock of late you probably have heard that the crypto market is a little too correlated with equities for comfort. But is that about to change? One analyst says the data is pointing that way.  Covered: Will Clemente Nasdaq Correlation Bitcoin Performance v.s. Equity Markets Will Clemente Nasdaq Correlation […] The post Bitcoin’s Correlation To Nasdaq Starting To Fall, Says Technical Analyst appeared first on CryptosRus.

Bitcoin’s Correlation To Nasdaq Starting To Fall, Says Technical Analyst

Unless you’ve been living under a rock of late you probably have heard that the crypto market is a little too correlated with equities for comfort. But is that about to change? One analyst says the data is pointing that way. 

Covered:

  • Will Clemente Nasdaq Correlation
  • Bitcoin Performance v.s. Equity Markets

Will Clemente Nasdaq Correlation

The crypto market has been heavily correlated to the stock market. In particular, Nasdaq — where the majority of tech stocks trade — has shown historic levels of correlation with the nascent crypto market. Case in point: Jerome Powell’s rate announcement sent crypto and Nasdaq tumbling.

Doogie Howser Will Clemente thinks that’s about to change.

“Bitcoin’s 1D correlation to the Nasdaq is starting to fall from historically high levels,” the 19-year-old analyst pointed out on Twitter.

As you can see, at the bottom of the chart, there is a steep drop off — as indicated by the red box — from January to February. It remains to be seen how this will continue to play out for the rest of the month, but it’s promising so far.

Bitcoin Performance V.S. Equity Markets

As of press time, Bitcoin (BTC) is trading above 43k. This is significant as it is another resistance level the world’s largest cryptocurrency just broke above.

Overall, BTC is up 14% in the month of February, and 5% in the last 24 hours. Meanwhile Nasdaq is up 0.5 percent, which is strong equity market-wise. The S&P 500 (0.25%) and the DOW (0.13%)  are both trailing Nasdaq, but up so far since market open.

Recommended: How To Save Time And Money When Cashing Out Your Crypto

 

 

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