The correlation between bitcoin and U.S. technology stocks has surged to a two-year high, underscoring how the equity market’s response to the upcoming U.S. inflation report could shape the trajectory of digital assets.
According to data compiled by Bloomberg, the 30-day correlation coefficient between bitcoin and the Nasdaq 100 Index currently sits at approximately 0.70. This figure suggests a significant alignment between the movements of the two assets, with 1 representing perfect synchronization and -1 indicating an inverse relationship.
The highly anticipated inflation report is expected to reflect persistent price pressures. This comes against a backdrop of a strong U.S. economy and mounting uncertainty about the Federal Reserve’s capacity for further interest-rate cuts. These economic conditions are intertwined with speculation surrounding President-elect Donald Trump’s policy agenda, set to gain momentum after his inauguration on January 20.
Trump’s administration has expressed ambitions to make the U.S. a global hub for cryptocurrencies. These developments have heightened speculation and volatility in financial markets, including digital assets.
“The overall sensitivity to interest rates over the past month suggests increased importance of Wednesday’s CPI print,” noted analysts Vetle Lunde and David Zimmerman of K33 Research. “Additionally, notable Trump momentum may still form in the days leading into the inauguration.”
As the Federal Reserve navigates interest-rate policies and Trump’s presidency begins, the interplay between macroeconomic factors and digital asset markets will be under scrutiny.
Bitcoin’s increasing correlation with technology stocks highlights the growing integration of cryptocurrencies into broader financial markets, but it also amplifies their exposure to macroeconomic shifts. For bitcoin, the coming days may set a crucial tone, influencing whether it regains its upward momentum or faces further downside pressure.
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