Crypto rues Bitcoin’s decoupling from AI-fueled tech stock gains

Bitcoin’s correlation with technology stocks has weakened, as the digital asset posted a monthly slump for the first time this year, while the Nasdaq 100 added almost 8%. The 30-day correlation coefficient for Bitcoin and the tech-heavy Nasdaq 100 is at around 0.2 versus 0.8 in May 2022. Crypto investors were delighted earlier in the year when tokens surged and left equities behind. However, the split has become less favourable now, with digital-asset investors facing a bit of idiosyncratic risk as everything is no longer the same, said Peter van Dooijeweert, head of multi-asset solutions at Man Group.