Dec 14, 2023

Bitcoin's (BTC) 60-day correlation with the Nasdaq 100 turned negative in December according to data from Kaiko. This is the first time the correlation dropped below 0% this year. What does the correlation mean for the crypto market's next moves? CoinDesk's Jennifer Sanasie presents "The Chart of the Day."

Video transcript

The chart of the day is presented by, the leading crypto platform trusted by over 80 million users worldwide. All right, let's take a look at the chart of the day. According to KO data, Bitcoin 60 day correlation with the NASDAQ 100 turned negative in December. This is the first time the correlation dropped below 0%. This year. Correlation is determined by comparing the returns or general movements of two assets or products over a specific period. The correlation close to one suggests the two assets are moving in lockstep in the same direction. Meanwhile, a negative correlation means the two assets move in opposite directions. This data suggests that the crypto market is moving in the opposite direction of technology stocks, meaning that crypto markets could be less sensitive to macroeconomic data. That's it for today's chart of the day. I'm Jen Sani. We'll see you next time to unpack more of the data behind top news stories.

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