{"id":121779,"date":"2023-07-13T07:18:24","date_gmt":"2023-07-13T07:18:24","guid":{"rendered":"https:\/\/dripp.zone\/news\/the-40day-bitcoin-nasdaq-correlation-drops-to-2020-low-crypto-news\/"},"modified":"2023-07-13T07:18:26","modified_gmt":"2023-07-13T07:18:26","slug":"the-40day-bitcoin-nasdaq-correlation-drops-to-2020-low-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/the-40day-bitcoin-nasdaq-correlation-drops-to-2020-low-crypto-news\/","title":{"rendered":"The 40Day Bitcoin Nasdaq Correlation Drops to 2020 Low\n &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Despite the cooling inflation coming out of the US this week, Bitcoin (BTC) has failed to catch up on the rally in US equities and the global market.  On Wednesday, July 12, top US indices like the S&#038;P 500 and the Nasdaq Composite touched their 15-month highs amid optimism over slowing inflation.<\/p>\n<p>On the other hand, Bitcoin has been trading down 1.28% in the last 24 hours and is currently trading at $30,358 with a market cap of $589 billion.  After a strong rally in June last month, the Bitcoin surge has stalled with the world&#8217;s largest cryptocurrency entering strong consolidation.<\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.72.1 --><\/p>\n<p>Tony Sycamore, a market analyst at IG Australia Pty, asked investors to maintain caution at this stage.  Speaking to Bloomberg, Sycamore <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bnnbloomberg.ca\/caution-about-bitcoin-grows-as-a-jump-in-global-markets-bypasses-crypto-1.1945060\">said<\/a>,<\/p>\n<blockquote>\n<p>\u201cBitcoin was an outlier in terms of widespread risk seeking in pretty much every asset class after the US inflation data.  To me that&#8217;s not a good sign.<\/p>\n<\/blockquote>\n<p>He further added that the Bitcoin price could possibly fall to $25,000-$26,000, which is closer to its 200-day moving average, where it could see strong support.<\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.72.1 --><\/p>\n<h3>Bitcoin and Nasdaq Correlation the Most Negative Since 2020<\/h3>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.72.1 --><\/p>\n<p>Reports on Wednesday <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/us-govt-selling-silk-road-related-bitcoin-crypto-crash-ahead\/?utm_source=24hrsupdateall\">suggested<\/a> that the US Department of Justice has been selling some of the Bitcoins seized from Silk Road.  This could also be one of the possible reasons behind the selling pressure on Bitcoin on Wednesday.<\/p>\n<p>While other asset classes showed a move of optimism after the inflation data, Bitcoin and most of the top 100 cryptocurrencies lost ground.  As per the Bloomberg data, the 40-day Bitcoin Nasdaq correlation has turned the most negative since 2020.<\/p>\n<figure id=\"attachment_154129\" aria-describedby=\"caption-attachment-154129\" style=\"width: 620px\" class=\"wp-caption aligncenter\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-154129\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/07\/13123214\/Bitcoin-BTC-Nasdaq.jpg\" alt=\"\" width=\"620\" height=\"349\"\/><\/noscript><figcaption id=\"caption-attachment-154129\" class=\"wp-caption-text\">Courtesy: Bloomberg<\/figcaption><\/figure>\n<p>However, other analysts still have some optimism left for BTC.  John Toro, head of trading at digital-asset exchange Independent Reserve said: \u201cThe disinflationary environment coming through after relatively quick interest-rate increases should be good for risk assets, including crypto.  But suggestions that Bitcoin seized by the US are being moved around \u2014 which served to highlight the risk that some could be sold \u2014 hit sentiment.\u201d<\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.72.1 --><\/p>\n<p>          <!-- \n\n<div class=\"m-on pl-2 pr-2\">\n            \n\n<div class=\"row\">\n            \n\n<div class=\"col-6 pr-2\">\n         \n\n<div class=\"Borderboxies_2 mb-3  fullmobx\">\n             \n            <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/top-7-crypto-marketing-firms-of-the-year\/?utm_source=abovesidebartabnews&utm_medium=organicarticle\">\n            \n\n<div class=\"SponserdyWebimg_2\"><img loading=\"lazy\" width=\"834\" height=\"833\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\"http:\/\/www.w3.org\/2000\/svg\"%20viewBox='0%200%20834%20833'%3E%3C\/svg%3E\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" decoding=\"async\" data-lazy-src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2022\/12\/15175104\/top_crypto_marketing_agencies.jpg\" ><noscript><img loading=\"lazy\" width=\"834\" height=\"833\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2022\/12\/15175104\/top_crypto_marketing_agencies.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" decoding=\"async\" ><\/noscript><\/div>\n\n\n                \n\n<div class=\"Sponserdtent_2 mt-2\">Top Crypto Marketing Firms \/ Agencies 2023; Here\u2019s Best Picks [Updated]\n <\/div>\n\n\n            <\/a>\n          \n            <\/div>\n\n\n            <\/div>\n\n\n                  \n\n<div class=\"col-6 pl-2\">\n                 \n\n<div class=\"Borderboxies_2 mb-3  fullmobx\">\n             \n            <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/top-10-web-3-games-to-explore-in-2023-here-list\/?utm_source=priceanalysisbar&utm_medium=organicarticle\">\n            \n\n<div class=\"SponserdyWebimg_2\"><img loading=\"lazy\" width=\"834\" height=\"833\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\"http:\/\/www.w3.org\/2000\/svg\"%20viewBox='0%200%20834%20833'%3E%3C\/svg%3E\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" decoding=\"async\" data-lazy-src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2022\/12\/23134356\/jpg_20221223_134223_0000.jpg\" ><noscript><img loading=\"lazy\" width=\"834\" height=\"833\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2022\/12\/23134356\/jpg_20221223_134223_0000.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" decoding=\"async\" ><\/noscript><\/div>\n\n\n                \n\n<div class=\"Sponserdtent_2 mt-2\">Top 10 Web3 Games To Explore In 2023; Here List\n <\/div>\n\n\n            <\/a>\n          \n            <\/div>\n\n\n            <\/div>\n\n\n                <\/div>\n\n\n        <\/div>\n\n                    --><\/p>\n<div class=\"TabDicA\">\n<div class=\"TBAcon \">\n<div class=\"authorFlip tabcS\" id=\"TabA154126\">\n<div class=\"authorBox\">\n<div class=\"author_Name\">\n<!--\n                                      \n\n<div class=\"getAuthoname\">\n                                          \n                                                                                 \n                                       <\/div>\n\n \n--><\/p>\n<p>Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets.  His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets.  He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge.  In free time he reads thriller fictions novels and sometimes explores his culinary skills.                         <\/p>\n<\/p><\/div>\n<div class=\"author_Image\">\n                                             <img loading=\"lazy\" alt=\"\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" data-lazy-srcset=\"https:\/\/secure.gravatar.com\/avatar\/6d622b7613c3c79c72d94a2e7cffa3b2?s=400&#038;d=mm&#038;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\" decoding=\"async\" data-lazy-src=\"https:\/\/secure.gravatar.com\/avatar\/6d622b7613c3c79c72d94a2e7cffa3b2?s=200&#038;d=mm&#038;r=g\"\/><noscript><img loading=\"lazy\" alt=\"\" src=\"https:\/\/secure.gravatar.com\/avatar\/6d622b7613c3c79c72d94a2e7cffa3b2?s=200&#038;d=mm&#038;r=g\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/6d622b7613c3c79c72d94a2e7cffa3b2?s=400&#038;d=mm&#038;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\" decoding=\"async\"\/><\/noscript>                                       <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"TabDesCm tabcS\" id=\"TabD154126\">\n<p>    The content presented may include the personal opinion of the author and is subject to market conditions.  Do your market research before investing in cryptocurrencies.  The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n<p><!-- \n\n<div class=\"container p-1 mb-3  mt-4 \">\n    \n    \n     \n\n<div class=\"Maintitle clgrn border-0\">\n               <span>Crypto Stories<\/span>\n                    \n                    \n                    <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/web-stories\/\" class=\"viewAll p-0\">View all<\/a>\n                <\/div>\n\n\n     \n\n<div class=\"row mobileXS \">\n                     \n          \n\n<div class=\"item col-md-4\"> \n        \n\n<div class=\"Newseducation\">\n         \n\n<div class=\"Eduimg WduImg\">\n            <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/web-stories\/twitter-is-now-worth-just-33-of-elon-musks-purchase-price\/?utm_source=post&utm_medium=web-story\">\n            \n\n<div class=\"edIm StoryWebimg\"><img loading=\"lazy\" width=\"640\" height=\"853\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\"http:\/\/www.w3.org\/2000\/svg\"%20viewBox='0%200%20640%20853'%3E%3C\/svg%3E\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"twitter_is_now_worth_just_33__of_elon_musk___s_purchase_price_720\" decoding=\"async\" data-lazy-src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/05\/31173623\/twitter_is_now_worth_just_33__of_elon_musk___s_purchase_price_720.jpg\" \/><noscript><img loading=\"lazy\" width=\"640\" height=\"853\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/05\/31173623\/twitter_is_now_worth_just_33__of_elon_musk___s_purchase_price_720.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"twitter_is_now_worth_just_33__of_elon_musk___s_purchase_price_720\" decoding=\"async\" \/><\/noscript><\/div>\n\n\n                \n\n<div class=\"Educontent\">Twitter is now worth just 33% of Elon Musk\u2019s purchase price <\/div>\n\n\n            <\/a>\n            <\/div>\n\n\n        <\/div>\n\n\n        <\/div>\n\n\n          \n          \n  \n              \n          \n\n<div class=\"item col-md-4\"> \n        \n\n<div class=\"Newseducation\">\n         \n\n<div class=\"Eduimg WduImg\">\n            <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/web-stories\/will-cramer-curse-strike-again\/?utm_source=post&utm_medium=web-story\">\n            \n\n<div class=\"edIm StoryWebimg\"><img loading=\"lazy\" width=\"640\" height=\"853\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\"http:\/\/www.w3.org\/2000\/svg\"%20viewBox='0%200%20640%20853'%3E%3C\/svg%3E\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"will_cramer_curse_strike_again_720\" decoding=\"async\" data-lazy-src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/05\/31165520\/will_cramer_curse_strike_again_720.jpg\" \/><noscript><img loading=\"lazy\" width=\"640\" height=\"853\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/05\/31165520\/will_cramer_curse_strike_again_720.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"will_cramer_curse_strike_again_720\" decoding=\"async\" \/><\/noscript><\/div>\n\n\n                \n\n<div class=\"Educontent\">Will Cramer Curse Strike Again? 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On Wednesday, July 12, top US indices like the S&#038;P 500 and the Nasdaq Composite touched their 15-month highs amid optimism over slowing inflation. On the other [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":116525,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-121779","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/121779","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=121779"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/121779\/revisions"}],"predecessor-version":[{"id":121780,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/121779\/revisions\/121780"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/116525"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=121779"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=121779"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=121779"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}