Revealing Strong Correlation Between Bitcoin and Nvidia: Implications for Investors
Bitcoin and Nvidia: A Strong Correlation
Data from charting platform TradingView reveals a noteworthy correlation between Bitcoin (BTC) and Nasdaq-listed chip maker Nvidia.
The 90-day and 52-week correlation coefficient stands above 0.80, indicating a significant relationship between the two assets.
Concerns Over AI Bubble
The positive correlation is raising concerns among analysts who fear that Nvidia's surge might be driven by an artificial intelligence (AI) bubble.
This scenario could potentially lead to negative consequences for both the stock market and the crypto industry.
CoinDesk's Analysis
CoinDesk's Jennifer Sanasie discusses this correlation in the 'The Chart of the Day,' emphasizing the need for vigilance and prudent investment strategies in response to the developing correlation.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.