Crypto slides as tech stocks and gold retreat; bitcoin-Nasdaq correlation turns positive
Bitcoin fell to $68,000 alongside tech stocks and gold, with its correlation to the Nasdaq turning positive, indicating increased sensitivity to tech market trends.Summary
The cryptocurrency market experienced a downturn on Tuesday morning, mirroring a selloff in tech stocks and a correction in gold prices. Bitcoin (BTC) dropped 1.25% to $68,000, while Nasdaq futures and gold lost 0.55% and 2.4% respectively. This shift marks a change in Bitcoin’s correlation with the Nasdaq, moving from negative to positive (+0.72) since February 3rd, suggesting a stronger link to tech stock performance. Memecoins like PEPE, DOGE, and TRUMP led altcoin losses, while MORPHO and ZEC showed gains. Crypto futures saw capital outflows, with $229 billion in leveraged bets liquidated. Despite the market panic easing, derivatives positioning indicates continued downside fears, though less defensively than two weeks prior. Bitcoin dominance has remained between 57.4% and 60.1% since September.
(Source：CoinDesk)