Bitcoin’s Correlation With Big Tech Increases to Record

(Bloomberg) -- Since the start of the pandemic, Bitcoin has tended to move in the same direction as the Nasdaq 100 index -- and they’re now in unison more than ever. The 40-day correlation between the two reached a record of 0.6945 on Friday, Bloomberg data show. The increase further erodes the argument that Bitcoin works well as a diversifier, one that’s been help up by proponents as key to its appeal.

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