Nov 1 (Reuters) – After months of tears and tantrums, bitcoin wants to split up with stock markets.
The cryptocurrency, which has been closely correlated with tech stocks for much of its torrid 2022, is staging one of its strongest efforts yet to break away.
Its 30-day correlation with the Nasdaq (.IXIC) slid to 0.26 last week, its level lowest since early January, where a measure of 1 indicates the two assets are moving in lock step.
The correlation, which shows the degree to which the two move in sync with each other over a 30-day period, has hovered above 0.75 for much of the year and at times has approached perfect unison – at 0.96 and 0.93 in May and September.
For some crypto backers, any bitcoin break-up from Big Tech is a sign of strength.
“The latter’s growth has been somewhat tapped out, and investors are looking for the next growth industry. Bitcoin and crypto is one of those ‘next’ growth industries,” said Santiago Portela, CEO of FITCHIN, a Web3 gaming ecosystem.
