Cryptocurrencies
Bitcoin’s Correlation With Stocks Grows as Risk Appetite Drops
- Correlation coefficient among highest such readings this year
- Crypto bulls such as Messari’s Ryan Selkis remain emboldened
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On Friday, stocks rose then sunk as traders digested the latest U.S. employment data. Bitcoin followed suit, posting nearly the exact same moves.
The world’s largest digital currency dropped as much as 3.4% during the session to trade around $54,960, which is roughly 20% off its recent record highs. U.S. stocks also fell, with the S&P 500 Index losing 1.1% as of 1:10 p.m. in New York.