As Bitcoin (BTC) takes a little break from its previous gains, the relationship between the largest cryptocurrency by market capitalization and the stock market is often a matter of interest among analysts, and recently this correlation has hit a record low for more than two years.
Specifically, the weekly correlation of the maiden crypto asset to the Nasdaq index has dropped to -0.39, its lowest point since August 2021, or 26 months, as observed by the co-founder of crypto market analytics platform Reflexivity Research, Will Clemente, in an X post published on October 30.
Bitcoin’s correlation with stocks since early 2021. Source: Will Clemente
Meanwhile, stocks have experienced a massive turn for the worse in recent weeks, shedding a significant portion of their gains due to increased macroeconomic challenges, whereas Bitcoin witnessed a major rally that managed to flip the market capitalization of electric vehicle manufacturer Tesla (NASDAQ: TSLA).
At the same time, the financial
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