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The correlation between Bitcoin and US tech stocks has reached a new high since 2022.
On November 17, The Kobeissi Letter reported that the correlation between Bitcoin and the Nasdaq 100 index reached approximately 0.80 over a 30-day period, the highest level since 2022. This is also the second highest reading in nearly 10 years. It is reported that over the past 5 years, the correlation between the two has remained positive, with a brief fluctuation occurring in 2023. Therefore, the 5-year correlation between Bitcoin and the Nasdaq index has reached 0.54. In contrast, the correlation between Bitcoin and cash and gold is essentially zero. Bitcoin's performance increasingly resembles that of a leveraged tech stock.