February 7, 2023
Business

The cryptoverse had a good time with Bitcoin

The cryptoverse had a good time with Bitcoin.

NEW YORK/LONDON: Bitcoin has had a good month, which is something we haven’t stated in a while. It had been in freefall for months before rising more than 17% in July, its greatest showing since October. Since January 2021, ether has increased by 57%, which is a monthly high.

The increase coincided with advances in riskier assets like stocks as investors anticipated that economic weakness would prevent the Fed from rapidly tightening monetary policy. The 40-day correlation between Bitcoin and the tech-focused Nasdaq is now 0.90, up from 0.41 in January, with 1 denoting exact lockstep between their prices.

Since late November, the top cryptocurrency has maintained a steady positive correlation with the Nasdaq, as opposed to prior years when it would frequently turn negative, indicating that they went in the other direction.

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