Bitcoin’s supposed independence from Wall Street just died a very public death. The cryptocurrency plunged below $95,000 Friday—its lowest level in six months—moving in near-perfect lockstep with crashing tech stocks. Down 15% over the past month while the S&P 500 shed 1.2%, Bitcoin now behaves less like digital gold and more like a leveraged bet on the Nasdaq.
Bitcoin’s 0.8 correlation with tech stocks kills its diversification promise.
The numbers don’t lie: Bitcoin’s correlation coefficient with the Nasdaq-100 has hit 0.8 during recent downturns, meaning your crypto portfolio essentially