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Bitcoin’s Correlation With Tech Strengthens as Risk Appetite Returns

  • Largest cryptocurrency trades in lockstep with Nasdaq 100
  • Correlation is among the highest such reading since 2011
Key Speakers At Hong Kong Fintech Week
Photographer: Paul Yeung/Bloomberg
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Bitcoin is proving once again that its long-touted classification as an uncorrelated asset is more folklore than fact.  

The largest cryptocurrency by market value whipsawed holders on Thursday by tracking the swings in the technology-focused Nasdaq 100, which is viewed as a proxy for risk sentiment. After opening the day higher, the Nasdaq 100 lapsed into negative territory and extended losses in the futures market after the close of regular trading when Netflix Inc. released disappointing results.