Connect with us

Bitcoin

Brian Kelly claims that Bitcoin and Nasdaq trade “in lockstep”

Bitcoin’s 30-day correlation with the Nasdaq is 47%, the highest since September, the Fast Money trader told CNBC. Brian Kelly claims that Bitcoin and the Nasdaq have shown the greatest correlation in trading behavior over the past few weeks. According the Fast Money trader there is a high likelihood that this play will continue even…

Bitcoin’s 30-day correlation with the Nasdaq is 47%, the highest since September, the Fast Money trader told CNBC.

Brian Kelly claims that Bitcoin and the Nasdaq have shown the greatest correlation in trading behavior over the past few weeks.

According the Fast Money trader there is a high likelihood that this play will continue even if both markets bottom early next year, before seeing new upside momentum.

Kelly said this during an interview on Wednesday’s episode of CNBC’s “Fast Money. “

Asked for his opinion on whether Bitcoin (BTC), could be used as a leading indicator of where the Nasdaq trades the next, he stated that “Bitcoin is becoming more institutionalized and it is starting to get closer to traditional markets .”

He pointed to Bitcoin’s 30-day correlation with the Nasdaq Index, which at 47% is at the highest level seen since September when both bottomed. He said that a comparison of the correlation chart for Bitcoin to the stock index shows that they have traded in lockstep.

Kelly noted that there was one difference: the chart shows Bitcoin leading before Nasdaq.

“ Usually, Bitcoin leads Kelly, who said that Bitcoin tends to lead every five to ten business days. Last weekend’s trading saw Bitcoin move out of a short-term wedge.

The hedge fund manager noted that institutions are using crypto as a risk-on and mainstream hedge. The trader stated that if the correlation holds, Bitcoin and the Nasdaq could bottom in January before ticking higher.

Mid December saw both Bitcoins and traditional markets rise on the Federal Reserve’s announcement that it would accelerate the bond buying program and possibly introduce three interest rate increases in 2022..

However, markets slipped once again as the Omicron variant of Covid-19 caused alarm across the globe, with this week’s seeing a bounce in Bitcoin and the Nasdaq.

Bitcoin reached highs of $69,000 in November but it then slid to break below $45,000 in December as a bearish sentiment took over, foiling many analysts’ predictions of BTC hitting $100,000 in 2021.

As of writing, Bitcoin is struggling to hold above $49,000 after a decent breakout since the weekend. The digital gold has failed to break higher after breaching the $49k level, with weekly performance down at just 0.4%. BTC has risen over 106% in the past year.

The Nasdaq is currently up 0. 78% on the day and about 21. 39% YTD even as analysts predict a dip in the first half of 2022 before a major rally ensues.

Read More

Related Topics:
Continue Reading
Advertisement I show You how To Make Huge Profits In A Short Time With Cryptos!
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Bitcoin

Bitcoin Mining Tightens: Difficulty Hits 110.45 Trillion Amid Revenue Slump

Bitcoin’s mining difficulty has edged up by 0.61%, rising from 109.78 trillion to 110.45 trillion. At the same time, the network’s hashrate remains relatively subdued, following a notable drop from its high of 824 exahash per second (EH/s) to the current 778 EH/s. Bitcoin’s Difficulty Increases…
Read More

Continue Reading

Bitcoin

Alpen Labs Raises $8.5 Million to Advance Development of Bitcoin ZK Rollup Strata

Strata will launch as an open platform that introduces easy and scalable self-custody while facilitating the use of bitcoin. New Funding to Accelerate Development of Bitcoin ZK Rollup Strata Alpen Labs, a bitcoin infrastructure company announced that it has completed an $8.5 million strategic financing led by the Cyber Fund and DBA…
Read More

Continue Reading

Bitcoin

Latam Insights Encore: El Salvador’s Bitcoin Push to Boost Its Tourism Industry

Welcome to Latam Insights Encore, a deep dive into Latin America’s most relevant economic and cryptocurrency news from the past week. This edition examines how bitcoin can help grow El Salvador’s tourism industry. Latam Insights Encore: El Salvador’s Bitcoin Push Will Bring Its Tourism Industry to New Heights The Salvadoran tourism industry is having a [……
Read More

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.