Cryptoverse: Bitcoin wants to break its bond with stocks

Published by
Reuters UK

By Lisa Pauline Mattackal and Medha Singh (Reuters) – After months of tears and tantrums, bitcoin wants to split up with stock markets. The cryptocurrency, which has been closely correlated with tech stocks for much of its torrid 2022, is staging one of its strongest efforts yet to break away. Its 30-day correlation with the Nasdaq slid to 0.26 last week, its level lowest since early January, where a measure of 1 indicates the two assets are moving in lock step. The correlation, which shows the degree to which the two move in sync with each other over a 30-day period, has hovered above 0.75 fo…

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