Bitcoin and U.S. Real Yield Notch Strongest Inverse Correlation in Four Months

The chart of the day is brought to you by crypto dot com. The world's fastest growing crypto app. Let's take a look at the chart of the day. Bitcoin and us real yield have reached to the strongest inverse correlation since April the 30 day correlation coefficient between Bitcoin and the 10 year US inflation index security turned negative this month declining from 0.28 to negative 0.72. According to charting platform trading view, a reading of one that assets are moving in lock step while a negative one suggests that assets are moving in opposite directions. So what does this rating mean? Well, it indicates the renewed influence for trad and macro factors on the Bitcoin price. When real yields are negative, investors typically seek returns from high risk assets and when they're positive investors feel encouraged to invest in fixed income securities, Bitcoin fell over 10% in the last seven days registering its most significant weekly decline of the year. It is currently trading around $26,000. That's it for today's chart of the day. I'm Jenna and we'll see you next time to unpack more of the data behind top news stories.