(Bloomberg) — Since the start of the pandemic, Bitcoin has tended to move in the same direction as the Nasdaq 100 index — and they’re now in unison more than ever. The 40-day correlation between the two reached a record of 0.6945 on Friday, Bloomberg data show. The increase further erodes the argument that Bitcoin works well as a diversifier, one that’s been help up by proponents as key to its appeal.
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