Bitcoin’s correlation to Big Tech near lowest since 2021

Bitcoin and tech stocks have diverged in their performance this week, with Bitcoin remaining below the $27,000 level while the tech-heavy Nasdaq 100 climbed 3.5%. The correlation coefficient of Bitcoin and tech gauge dropped to 0.19 on Friday, the lowest since April 25, as they have been decoupled since the start of the year due to uncertainty around Federal Reserve’s rate hikes plan. Some experts believe that Bitcoin’s self-custody element helped it during the bank collapses in March. However, Bitcoin is still considered riskier than tech stocks in an uncertain macro environment.

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