Bitcoin’s (CRYPTO: BTC) macro behaviour is increasingly tied to global liquidity and energy markets, which increases its correlation with the Nasdaq, according to VanEck’s Matthew Sigel.
Bitcoin’s Correlation With Nasdaq Rising
Speaking on Squawk Box on CNBC on March 11, Sigel said oil shocks and geopolitical tensions, including risks around the Strait of Hormuz, can tighten liquidity and put pressure on risk assets such as Bitcoin.
As a result, Bitcoin’s correlation with the Nasdaq Composite has climbed to a five-year high.
Sigel also noted that investors in the Middle East are increasingly turning to Bitcoin during geopolitical stress because it is easier to move across borders than physical assets such as Gold.
Recent data showing increased crypto transfers from Iran …Full story available on Benzinga.com
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