Here's Why Bitcoin Continues To Lose Conviction As Diversifier

by Anusuya Lahiri, Benzinga Editor
April 11, 2022 7:27 AM | 1 min read |
  • Bitcoin continues to move in tandem with the Nasdaq 100 index, a trend maintained since the pandemic, Bloomberg reports. 
  • The growing correlation between the indexes erodes the argument regarding Bitcoin's importance as a diversifier.
  • The 40-day correlation between the two reached a record of 0.6945 on April 8.
  • Bitcoin and Ethereum mainly were changed over 24 hours leading up to April 7 night as the global cryptocurrency market cap rose 1.05% to $2 trillion.
  • The S&P 500 gained 0.4% and Nasdaq 0.06%.
  • Analysts saw Bitcoin take a short-term spill but remain bullish for the long term.
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