Bitcoin Defies Tech Stock Correlation, Carves Own Path Post-Rally

Bitcoin (BTC), after its recent price rally, has further differentiated its correlation with technology stocks this June, marking an indication that cryptocurrency assets are carving their unique path. More specifically, according to a blog post published by crypto research platform Kaiko on June 26th, the correlation between BTC and the Nasdaq 100, which tracks top US stocks, has retreated to approximately its lowest level in almost three years in June. Currently, the correlation between the two asset classes is merely at 3% this month, following Bitcoin’s significantly stronger performance compared to the Nasdaq 100 during this period. Specifically, the leading cryptocurrency gained almost 14% in value in June, while the broader tech index only saw gains of 3%. Compared to 2022, this movement represents a sharp decline in the correlation, which averaged 60% last year. Bitcoin and the ETF Applications After dipping below $25,000 mid-month due to intensifying regulatory pressures […] The post Bitcoin Defies Tech Stock Correlation, Carves Own Path Post-Rally appeared first on COINTURK NEWS.