The mainstream stock market recorded an unusual growth at the close of the market on Friday, a trend that might impact the price of Bitcoin (BTC). The tech-heavy stock index, the Nasdaq Composite printed its All-Time High (ATH) despite uncertainty in tech stocks.
Bitcoin and Nasdaq Correlation Advantage
According to an update from market analyst Zero Hedge, the Nasdaq hit a new all-time high with 72% of Nasdaq stocks closing red, and twice as many new lows as new highs.
The Nasdaq hit a new all time high with 72% of Nasdaq stocks closing red, and twice as many new lows as new highs. pic.twitter.com/kKizDEUbGG
— zerohedge (@zerohedge) June 14, 2024
Per current market data, the Nasdaq Composite closed the market at 17,688.88 after soaring as high as 3.54% in 5 days. While the heaviest components of the Nasdaq including Microsoft and Nvidia entered the day at 0.22% and 1.75%, Apple dropped 0.82%.
Bitcoin is poised to ride on the trend to shun the bad trading outlook of the past week. T
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