Bitcoin Under Pressure, Two-Year Treasury Yield Rises to 21-Month High as US Inflation Report Looms
“Like any financial asset, crypto will suffer from broad market moves. But in particular, crypto (proxied by bitcoin) this year seems to do better during periods when tech is outperforming,” Solot said in an email. “We can see this using a ratio of Nasdaq/S&P500. This correlation may be driven by some overlap of the investor base, or simply because both assets tend to be higher beta.” Beta is a measure of the extent to which an asset moves in line with the broader market.