Reported about 1 year ago
Bitcoin's correlation with surging US equities is weakening due to an oversupply and insufficient demand, causing the 90-day correlation coefficient with the Nasdaq 100 index to drop to 0.21, the lowest since May. Factors contributing to this breakdown include spot sales of seized coins by governments and distributions from the Mt. Gox estate, leading to a cap on Bitcoin's upside despite other assets hitting all-time highs. Bitcoin miners are also facing pressure to sell tokens as profitability declines due to high production costs, with Bitcoin currently trading around $57,070, down 22% from its peak in March.
Source: YAHOO