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Bitcoin has been moving more independently ahead of the Federal Reserve’s rate decision, with its correlation with the U.S. Dollar Index and U.S. equities weakening further, CoinDesk reported.
CoinDesk said Bitcoin’s short-term correlation with the Dollar Index, which measures the U.S. dollar’s strength against major currencies, had fallen to near zero. It added that Bitcoin’s positive correlation with U.S. stocks had also weakened. Bitcoin’s short-term correlation with the dollar stood at 0.08, a sharp contrast with -0.54 over the past 30 days, according to the report.
Its correlation with the S&P 500 fell to 0.43 from 0.75 yesterday, while its correlation with the Nasdaq dropped to 0.30 from 0.60. Bitcoin’s correlation with gold also declined to 0.28 from 0.69 over the past 30 days. CoinDesk said the decoupling appeared to reflect the market’s recent focus on the Clarity Act. The bill failed to pass a key procedural vote in the Senate, shifting investor attention from traditional macro factors to regulatory issues.