{"id":568611,"date":"2024-01-08T22:00:22","date_gmt":"2024-01-08T22:00:22","guid":{"rendered":"https:\/\/uniquehot.com\/?p=568611"},"modified":"2024-06-11T08:01:22","modified_gmt":"2024-06-11T08:01:22","slug":"bitcoin-correlation-nasdaq-continues-negative","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-correlation-nasdaq-continues-negative\/","title":{"rendered":"Bitcoin Correlation To Nasdaq Continues To Be Negative: What It Means"},"content":{"rendered":"

Data shows the Bitcoin correlation to the Nasdaq has continued to be negative since December. Here’s what this means for the cryptocurrency.<\/p>\n

Bitcoin 60-Day Correlation To Nasdaq 100 Is Negative Right Now<\/h2>\n

In a new post<\/a> on X, the analytics firm Kaiko<\/a> has discussed what the trend in the correlation between BTC and Nasdaq<\/a>\u00a0has looked like recently. The “correlation<\/a>” here refers to a metric that keeps track of how tied together the prices of two commodities have been over a given period.<\/p>\n

This period can naturally be of any length, but in the context of the current topic, the 60-day correlation is of interest. This indicator version measures the prices’ dependence on each other during the past two months.<\/p>\n

Related Reading: Analyst Says Expect A Decline To $30,220 If Bitcoin Loses This Support<\/a><\/div>\n

When the value of this metric is greater than zero, it means that the price of one asset has been reacting to the other by moving in the same direction. The closer the indicator is to one, the stronger this relationship.<\/p>\n

On the other hand, values under zero suggest some correlation between the two assets, but it has been a negative one. This means that the assets have reacted to each other by moving in the opposite direction. In this case, the extreme point is -1, so the closer the indicator is to this mark, the stronger the correlation between the prices.<\/p>\n

Lastly, the correlation being exactly zero implies that there is no correlation whatsoever between the two assets. In mathematics, such a condition occurs when two variables are independent.<\/p>\n

Now, here is a chart that shows the trend in the 60-day correlation between Bitcoin and Nasdaq 100 over the past year:<\/p>\n

\"Bitcoin<\/p>\n

The value of the metric appears to have taken a plunge in recent weeks | Source: Kaiko on X<\/a><\/pre>\n
As the above graph shows, the 60-day correlation between Bitcoin and Nasdaq is shown in percentage here, with 100% corresponding to a value of 1.<\/p>\n
From the chart, it’s apparent that the metric’s value was in a state of overall gradual decline during 2023, up until the final couple of months of the year, when the metric took an especially sharp dive.<\/p>\n
Some amount of positive correlation had existed between the two assets before this plummet, but following it, the 60-day correlation took to negative values. However, the indicator remained close to the 0% mark, implying that the two only had a slight negative relationship.<\/p>\n
Related Reading: Bitcoin \u201cOutlook Remains Bullish,\u201d As Long As This Stays True: Analyst<\/a><\/div>\n
The correlation had started surging and reached almost exactly 0% for a brief period just earlier, but the metric has since again come down and assumed slight negative values.<\/p>\n
It would appear that BTC has kicked off 2024 slightly, moving against the traditional markets<\/a>, which could set the stage for the cryptocurrency to go on and explore its territories this year.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around the $44,800 mark, up over 5% over the past week.<\/p>\n
\"Bitcoin<\/p>\n
Looks like the price of the coin has shot up over the past day | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Shutterstock.com, charts from TradingView.com, Kaiko.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Data shows the Bitcoin correlation to the Nasdaq has continued to be negative since December. Here’s what this means for the cryptocurrency. Bitcoin 60-Day Correlation To Nasdaq 100 Is Negative Right Now In a new post on X, the analytics firm Kaiko has discussed what the trend in the correlation between BTC and Nasdaq\u00a0has looked like recently. The “correlation” here refers to a metric that keeps track of how tied together the prices of two commodities have been over a given period. This period can naturally be of any length, but in the context of the current topic, the 60-day correlation is of interest. This indicator version measures the prices’ dependence on each other during the past two months. Related Reading: Analyst Says Expect A Decline To $30,220 If Bitcoin Loses This Support When the value of this metric is greater than zero, it means that the price of one asset has been reacting to the other by moving in the same direction. The closer the indicator is to one, the stronger this relationship. On the other hand, values under zero suggest some correlation between the two assets, but it has been a negative one. This means that the assets have reacted to each other by moving in the opposite direction. In this case, the extreme point is -1, so the closer the indicator is to this mark, the stronger the correlation between the prices. Lastly, the correlation being exactly zero implies that there is no correlation whatsoever between the two assets. In mathematics, such a condition occurs when two variables are independent. Now, here is a chart that shows the trend in the 60-day correlation between Bitcoin and Nasdaq 100 over the past year: The value of the metric appears to have taken a plunge in recent weeks | Source: Kaiko on X As the above graph shows, the 60-day correlation between Bitcoin and Nasdaq is shown in percentage here, with 100% corresponding to a value of 1. From the chart, it’s apparent that the metric’s value was in a state of overall gradual decline during 2023, up until the final couple of months of the year, when the metric took an especially sharp dive. Some amount of positive correlation had existed between the two assets before this plummet, but following it, the 60-day correlation took to negative values. However, the indicator remained close to the 0% mark, implying that the two only had a slight negative relationship. Related Reading: Bitcoin \u201cOutlook Remains Bullish,\u201d As Long As This Stays True: Analyst The correlation had started surging and reached almost exactly 0% for a brief period just earlier, but the metric has since again come down and assumed slight negative values. It would appear that BTC has kicked off 2024 slightly, moving against the traditional markets, which could set the stage for the cryptocurrency to go on and explore its territories this year. BTC Price At the time of writing, Bitcoin is trading around the $44,800 mark, up over 5% over the past week. Looks like the price of the coin has shot up over the past day | Source: BTCUSD on TradingView Featured image from Shutterstock.com, charts from TradingView.com, Kaiko.com<\/p>\n","protected":false},"author":542,"featured_media":568617,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,16531,87451,1119,1144,3110,4707],"class_list":["post-568611","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-correlation","tag-bitcoin-nasdaq-correlation","tag-btc","tag-btcusd","tag-nasdaq","tag-stock-market"],"acf":[],"yoast_head":"\nBitcoin Correlation To Nasdaq Continues To Be Negative: What It Means<\/title>\n<meta name=\"description\" content=\"Data shows the Bitcoin correlation to Nasdaq has continued to be negative since December. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Correlation To Nasdaq Continues To Be Negative: What It Means","url":"http:\/\/uniquehot.com\/news\/bitcoin-correlation-nasdaq-continues-negative\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-correlation-nasdaq-continues-negative\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/shutterstock_1876999606.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/shutterstock_1876999606.jpg?fit=5334%2C3000"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin correlation","bitcoin nasdaq correlation","btc","btcusd","nasdaq","stock market"],"dateCreated":"2024-01-08T22:00:22Z","datePublished":"2024-01-08T22:00:22Z","dateModified":"2024-06-11T08:01:22Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Correlation To Nasdaq Continues To Be Negative: What It Means\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-correlation-nasdaq-continues-negative\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-correlation-nasdaq-continues-negative\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/shutterstock_1876999606.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/shutterstock_1876999606.jpg?fit=5334%2C3000\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin correlation\",\"bitcoin nasdaq correlation\",\"btc\",\"btcusd\",\"nasdaq\",\"stock market\"],\"dateCreated\":\"2024-01-08T22:00:22Z\",\"datePublished\":\"2024-01-08T22:00:22Z\",\"dateModified\":\"2024-06-11T08:01:22Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/shutterstock_1876999606.jpg?fit=5334%2C3000","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/568611"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=568611"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/568611\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/568617"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=568611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=568611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=568611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}