Bitcoin $BTC stays correlated to this tech stock for years, CalebFranzen says $MU Bitcoin NASDAQ
As covered by U.Today previously, the correlation between the Bitcoin price and NASDAQ stocks spiked in 2022; analysts claim that this fact might ruin the"digital gold" narrative around the orange coin.Franzen explained that traders can benefit from this correlation. For instance, it gives them one more instrument to improve risk management by reallocating assets in their portfolio:
Bitcoin investors could hedge their exposure against BTC by shorting MU or the broader semiconductor industry without ever having to reduce their BTC position Also, this dependency can be useful in reevaluating this or that macro signal for the Bitcoin price. In discussions with cryptocurrency skeptics, the BTC/MU correlation can be used to prove the maturity of the nascent digital asset industry.
As of printing time, Bitcoin is changing hands at $21,700: due to the regulatory crackdown on staking in the U.S., its price tanked by 7% from its local top.
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