{"id":637311,"date":"2024-08-23T07:30:47","date_gmt":"2024-08-23T07:30:47","guid":{"rendered":"https:\/\/www.wncen.com\/?p=637311"},"modified":"2024-08-22T20:35:21","modified_gmt":"2024-08-22T20:35:21","slug":"bitcoin-and-nasdaq-show-tight-correlation-what-does-this-mean-for-btc","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/bitcoin-news\/bitcoin-and-nasdaq-show-tight-correlation-what-does-this-mean-for-btc\/","title":{"rendered":"Bitcoin And NASDAQ Show Tight Correlation: What Does This Mean For BTC?"},"content":{"rendered":"<p>Bitcoin, although starting the year with a bang has now been quiet so far in terms of performance, especially following its peak back in March. Despite the halving in April of this year, Bitcoin has experienced modest gains compared to the excitement of previous years.<\/p>\n<p>According to Ecoinmetrics, a platform known for providing <a href=\"https:\/\/x.com\/ecoinometrics\/status\/58644125\" target=\"_blank\" rel=\"noopener nofollow\">insights<\/a> into the cryptocurrency market, Bitcoin is up more than 30% year-to-date. In comparison, NASDAQ gained around 20% over the same period.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.wncen.com\/bitcoin-news\/bitcoin-mvrv-ratio-nears-critical-death-cross\/\" target=\"_blank\" rel=\"noopener \">Bitcoin\u2019s MVRV Ratio Nears Critical Death Cross: Will The Market See A Bearish Shift?<\/a><\/div>\n<h2>Bitcoin And NASDAQ: The Tightening Gap<\/h2>\n<p>Ecoinmetrics shared a chart in its recent post on X illustrating the narrowing gap and showing how the year-to-date returns for Bitcoin and the NASDAQ have started to <a href=\"https:\/\/www.wncen.com\/bitcoin-news\/bitcoin-mvrv-ratio-nears-critical-death-cross\/\" target=\"_blank\" rel=\"noopener \">converge<\/a>.<\/p>\n<figure style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/GVlH06jbYAA4aF_?format=jpg&amp;name=medium\" alt=\"Bitcoin vs NASDAG chart shared by Ecoinmetrics on X\" width=\"1200\" height=\"1200\"><figcaption class=\"wp-caption-text\">Bitcoin vs NASDAG chart shared by Ecoinmetrics on X<\/figcaption><\/figure>\n<p>Earlier in the year, BTC saw a significant return spike, particularly following the launch of several Bitcoin ETFs in the US, which <span style=\"margin: 0px;padding: 0px\"><a href=\"https:\/\/www.wncen.com\/bitcoin-news\/bitcoin-61000-here-are-the-possible-reasons\/\" target=\"_blank\" rel=\"noopener \">boosted<\/a><\/span><a href=\"https:\/\/www.wncen.com\/bitcoin-news\/bitcoin-61000-here-are-the-possible-reasons\/\" target=\"_blank\" rel=\"noopener \"> BTC prices<\/a>. However, as the year progressed, Bitcoin\u2019s performance lost steam, allowing NASDAQ to catch up.<\/p>\n<p>This closing gap between Bitcoin and the NASDAQ suggests that Bitcoin is becoming more correlated with traditional financial markets. This shift could have implications for its role as an alternative asset.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">The gap between Bitcoin and the NASDAQ is closing.<\/p>\n<p>Year-to-date Bitcoin is up about 34% while the NASDAQ has gained 20%.<\/p>\n<p>It&#8217;s been a quiet year for Bitcoin so far. Besides the ETF launch boosting prices early on there have been no major drivers pushing Bitcoin forward. <a href=\"https:\/\/t.co\/LCGf8iuG6d\" target=\"_blank\" rel=\"noopener nofollow\">pic.twitter.com\/LCGf8iuG6d<\/a><\/p>\n<p>\u2014 ecoinometrics (@ecoinometrics) <a href=\"https:\/\/twitter.com\/ecoinometrics\/status\/58644125?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">August 22, 2024<\/a><\/p><\/blockquote>\n<h2>What Does This Mean For BTC?<\/h2>\n<p>According to Ecoinmetrics, &#8220;We&#8217;re now heading into a period of potential volatility.&#8221; This potential volatility could be largely tied to <a href=\"https:\/\/www.wncen.com\/news\/curtis-bashaw-embraces-bitcoin-donations-paving-the-way-for-a-crypto-friendly-new-jersey\/\" target=\"_blank\" rel=\"noopener \">macroeconomic developments, particularly in the United States<\/a>.<\/p>\n<p>Historically, Bitcoin has shown sensitivity to changes in US monetary policy, especially regarding interest rates. Lower interest rates tend to encourage <a href=\"https:\/\/www.wncen.com\/bitcoin-news\/bitcoin-on-brink-of-massive-breakout-like-gold-in-2008-hedge-fund-ceo\/\" target=\"_blank\" rel=\"noopener \">investment in riskier assets<\/a>\u00a0as the returns on traditional savings and bonds decrease, making BTC an attractive alternative for investors seeking higher returns.<\/p>\n<p>However, the flip side of this scenario is the looming risk of a recession, which could dampen investor enthusiasm and lead to a more <a href=\"https:\/\/www.wncen.com\/bitcoin-news\/bitcoin-holders-loss-taking-sign-turnaround-near\/\" target=\"_blank\" rel=\"noopener \">cautious market<\/a> environment.<\/p>\n<p>Ecoinmetrics\u2019 analysis <a href=\"https:\/\/x.com\/ecoinometrics\/status\/68933237\" target=\"_blank\" rel=\"noopener nofollow\">suggests<\/a> that while Bitcoin has held its ground so far, its performance in the coming months will be heavily influenced by the broader economic trend.<\/p>\n<p>The Federal Reserve\u2019s potential rate cuts could provide the liquidity boost needed to drive Bitcoin higher, but if economic conditions deteriorate, BTC may struggle to maintain its current trajectory.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.wncen.com\/bitcoin-news\/bitcoin-holders-loss-taking-sign-turnaround-near\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Holders Now Doing Loss-Taking: Sign That A Turnaround Is Near?<\/a><\/div>\n<p>Meanwhile, BTC is currently up 1.4%, with a trading price of $60,575 at the time of writing. It is worth noting that before this current price, the asset had seen a notable spike to trade at nearly $62,000 earlier today.<\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/KezDqc73\/\" alt=\"Bitcoin (BTC) price chart on TradingView\" width=\"2770\" height=\"1496\"><figcaption class=\"wp-caption-text\">BTC price is moving sideways on the 2-hour chart. Source: BTC\/USDT on <a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=BINANCE%3ABTCUSDT\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<p>Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin, although starting the year with a bang has now been quiet so far in terms of performance, especially following its peak back in March. Despite the halving in April of this year, Bitcoin has experienced modest gains compared to the excitement of previous years. According to Ecoinmetrics, a platform known for providing insights into the cryptocurrency market, Bitcoin is up more than 30% year-to-date. In comparison, NASDAQ gained around 20% over the same period. Related Reading: Bitcoin\u2019s MVRV Ratio Nears Critical Death Cross: Will The Market See A Bearish Shift? Bitcoin And NASDAQ: The Tightening Gap Ecoinmetrics shared a chart in its recent post on X illustrating the narrowing gap and showing how the year-to-date returns for Bitcoin and the NASDAQ have started to converge. Earlier in the year, BTC saw a significant return spike, particularly following the launch of several Bitcoin ETFs in the US, which boosted BTC prices. However, as the year progressed, Bitcoin\u2019s performance lost steam, allowing NASDAQ to catch up. This closing gap between Bitcoin and the NASDAQ suggests that Bitcoin is becoming more correlated with traditional financial markets. This shift could have implications for its role as an alternative asset. The gap between Bitcoin and the NASDAQ is closing. Year-to-date Bitcoin is up about 34% while the NASDAQ has gained 20%. It&#8217;s been a quiet year for Bitcoin so far. Besides the ETF launch boosting prices early on there have been no major drivers pushing Bitcoin forward. pic.twitter.com\/LCGf8iuG6d \u2014 ecoinometrics (@ecoinometrics) August 22, 2024 What Does This Mean For BTC? According to Ecoinmetrics, &#8220;We&#8217;re now heading into a period of potential volatility.&#8221; This potential volatility could be largely tied to macroeconomic developments, particularly in the United States. Historically, Bitcoin has shown sensitivity to changes in US monetary policy, especially regarding interest rates. Lower interest rates tend to encourage investment in riskier assets\u00a0as the returns on traditional savings and bonds decrease, making BTC an attractive alternative for investors seeking higher returns. However, the flip side of this scenario is the looming risk of a recession, which could dampen investor enthusiasm and lead to a more cautious market environment. Ecoinmetrics\u2019 analysis suggests that while Bitcoin has held its ground so far, its performance in the coming months will be heavily influenced by the broader economic trend. The Federal Reserve\u2019s potential rate cuts could provide the liquidity boost needed to drive Bitcoin higher, but if economic conditions deteriorate, BTC may struggle to maintain its current trajectory. Related Reading: Bitcoin Holders Now Doing Loss-Taking: Sign That A Turnaround Is Near? Meanwhile, BTC is currently up 1.4%, with a trading price of $60,575 at the time of writing. It is worth noting that before this current price, the asset had seen a notable spike to trade at nearly $62,000 earlier today. Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":637312,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,629,680,1119,78790,6664,10923],"class_list":["post-637311","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-market","tag-bitcoin-price-analysis","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market"],"acf":[],"yoast_head":"\n<title>Bitcoin And NASDAQ Show Tight Correlation: What Does This Mean For BTC?<\/title>\n<meta name=\"description\" content=\"Bitcoin, although starting the year with a bang has now been quiet so far in terms of performance, especially following its peak back...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. 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