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[Bitcoin's Correlation With The NASDAQ 100 Index Reaches Its Highest Point Since 2022] The Correlation Between Bitcoin And The U.S. Technology Stock Index Hit A Two-year High, Indicating That The Stock Market's Reaction To U.S. Inflation Data Released Later On Wednesday May Set The Tone For Digital Tokens. Data Compiled By Bloomberg Show That The 30-day Correlation Coefficient Between The Largest Cryptocurrency And The NASDAQ 100 Index Is About 0.70. A Correlation Coefficient Of 1 Means That Assets Move In The Same Direction, While Negative 1 Means That Assets Move In Opposite Directions. The Inflation Report Is Expected To Show Solid Price Pressure Just As The Market Is Worried About The Federal Reserve's Room For Further Rate Cuts Amid A Strong U.S. Economy And Uncertainty About The Impact Of Donald Trump's Agenda. Against This Backdrop, Bond Yields And The U.S. Dollar Rose, While Stocks And Cryptocurrencies Were Under Pressure. As Of 9:21 A.m. Singapore Time On Wednesday, Bitcoin Was Changing Hands At $96,900, About $11,500 Below Last Month's All-time High
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