BTC and Nasdaq 100 correlation reaches two-year high

The 30-day correlation coefficient between Bitcoin (BTC) and the Nasdaq 100 index has reached a two-year high of about 0.7, according to Bloomberg. This indicates a strong positive relationship between their price movements. A coefficient of 1 means the assets move in perfect unison, while a score of -1 indicates they move in opposite directions. Bloomberg also mentioned that the stock market’s response to the U.S. CPI data scheduled for release on Jan. 15 could influence the direction of cryptocurrencies.