Bitcoin continues to lose value, down more than 20% since hitting a record high in mid-March. Meanwhile, US stocks, represented by the Nasdaq Composite and S&P 500 indices, continue to rise. Both indices closed in positive territory for the seventh time in a row, reaching new all-time highs.
According to a report published in The Block, Bitcoin's correlation with these indices has fallen to its lowest level in months. However, today they are all moving in the same direction - down.
As of midday New York time, the Nasdaq was down 1.8%, the S&P 500 was down 0.9% and Bitcoin was down 0.6% at $57,500.
LMAX Group market strategist Joel Kruger warned of a possible further fall in cryptocurrencies if a bad day in the stock market turns into a broader correction.