Today I’m at my trading desk for a dive into the strange Bitcoin-Nasdaq correlation we’ve seen of late.
It’s been so long since I’ve had to pull up a chart of Bitcoin futures that they went and changed tickers on me from XBT to BTC.
But sadly, Bitcoin is moving and influencing the U.S. stock market — and more specifically, risk-on growth stocks.
Last week saw another good old-fashioned Bitcoin flash crash that blew up every casual trader’s account… right before it bounced about $10,000 off the lows.
At the same time, the Nasdaq made a similar move with a big bounce right after a hard sell-off.
But I’m finally starting to see a break in this odd Bitcoin-Nasdaq correlation.
Thankfully, the broader stock market here in the U.S. no longer gives a damn about Bitcoin.
There’s no doubt that the Nasdaq has been the most sensitive to moves in crypto since April…
However, when we look at the latest move in Bitcoin against the S&P 500, the index was barely fazed at all. In fact, it’s right near all-time highs.
If you look at the diamonds of the Dow, I mean we’re just off all-time highs…
This past week had names like Datadog Inc. (Nasdaq: DDOG), Facebook Inc. (Nasdaq: FB), and even my boy Twilio Inc. (NYSE: TWLO) running hot.
No one can predict the future. But with these indexes breaking away from crypto, I’m more bullish on the Nasdaq than I was just a few weeks ago.
If these conditions continue, it should help growth companies with solid revenues make a comeback off their lows.
In my quick video below, let’s talk about the Bitcoin-Nasdaq correlation and three bonus companies to keep an eye on as these markets break away from each other. As always, subscribe to our YouTube channel if you haven’t already. And don’t forget to ring that bell so you can be notified as soon as we post our next video!
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