It’s been a good month for bitcoin – and we haven’t said that for a while.
After months of freefall, it jumped more than 17% in July, its best performance since October. Ether rose 57%, its strongest monthly gain since January 2021.
The rally was in step with gains of riskier assets such as stocks as investors bet that economic weakness could deter the Fed from aggressively tightening monetary policy.
Bitcoin’s 40-day correlation to the tech-focused Nasdaq now stands at 0.90 – up from 0.41 in January – where 1 means their prices move in perfect lockstep.
The leading cryptocurrency has been consistently positively correlated with the Nasdaq since late November, unlike in previous years where it would routinely turn negative, meaning they moved in opposite directions.
Itai Avneri, deputy CEO at cryptocurrency trading platform INX, described July’s convergence as “good news.”
“It means institutional investors are looking at bitcoin like any other asset,” he said. “When the market turns – and it will turn – these institutions will come back and invest in crypto.”
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Url: https://www.ctvnews.ca/business/bitcoin-beats-the-heat-in-a-jumpin-july-1.6010966
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