Bitcoin's correlation with the Nasdaq Composite and the S&P 500 has fallen to a multi-month low, according to data from The Block.
Bitcoin's correlation with the Nasdaq Composite and the S&P 500 has fallen to a multi-month low, according to data from The Block.
The Block's charts show that the correlation between bitcoin and major U.S. equity indices has dropped off sharply since the beginning of June, when the digital asset's price reached $71,000 and then made a U-turn. Bitcoin is currently caught in a tight 24-hour range between $58,000 and $59,000, whereas equity indices have sustained their multi-month rally, showing exuberance ahead of Thursday's U.S. Consumer Price Index inflation reading.
Meanwhile, major European equity indices were green. The European Stoxx 600 index increased 2.94 points to 514.70, despite political concerns in France. In London, the FTSE 100 increased, up 48.44 points to 8,188.25, as a new parliament reconvenes, headed by the UK's Labour Party.YouHodler Chief of Markets Russian Lienkha, stated that bitcoin's decoupling from equities is caused by recent sell-pressure events.
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