Insights

Bitcoin breaks $24k – correlation seen with traditional assets trending downwards YTD

exchange681 week ago

0 0 1 minute read

Quick Take

Bitcoin was strongly correlated to traditional assets during 2022 due to uncertainty in the unprecedented speed of rate hikes from the federal reserve.
However, as 2023 continues to unfold, Bitcoin seems to be decoupling from traditional assets and going into a class of its own — roughly 50% up year-to-date.

On a YTD view;

BTC is -0.17% correlated to the US 10-year government bond yield.
BTC is 0.15% correlated to the S&P 500 (YTD low).
BTC is 0.24% correlated to the Nasdaq.
BTC is -0.19% correlated to the DXY.
BTC is 0.17% correlated to TLT.

BTC Correlation against Traditional Assets: (Source: Trading View)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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