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After trading almost simultaneously in recent months, bitcoin's correlation with surging U.S. stocks is collapsing due to an oversupply of cryptocurrencies and a lack of demand, according to Bloomberg. On Tuesday, the 90-day correlation coefficient between bitcoin and the tech-dominated Nasdaq 100 index fell to 0.21, its lowest level since early May. In two months, the coefficient has dropped by more than 50%. A coefficient of 1 means that the asset is exactly the same as...

2024-07-09 15:45:56