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Bitcoin Correlation With Stocks Near Lowest Level of 2022

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Bitcoin and US stocks are moving less in tandem than at almost any point this year. A 40-day correlation coefficient for the token and the tech-heavy Nasdaq 100 index has fallen below 0.50 to levels last seen in January. If the still-positive tie continues to ebb, that may stir questions about whether beaten-down virtual assets are closer to a nadir and set for a recovery.