Bitcoin Correlation with U.S. Stocks Drop to Near Zero | Crypto Daily Digest July. 5

According to analytics firm Block Scholes, the 90-day rolling correlation of changes in Bitcoin to changes in the Nasdaq and S&P 500 index has declined to near zero.

The decline in correlation with traditional risk assets means that crypto traders focusing on traditional market sentiment and macroeconomic environment may find these factors less useful when making projections on bitcoin price performance.

Rolling 90-day correlation of $BTC spot price with $ETH is at 0.81, with gold at 0.1.

Correlation measures the strength and direction of the relationship between two variables. It ranges from -1 to +1, where a value of +1 indicates a perfect positive correlation, 0 indicates no correlation, and -1 indicates perfect negative correlation.

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