According to Coincu, Bitcoin and technology stocks, particularly the Nasdaq 100 Index, are once again moving in sync, with a 0.4 correlation coefficient. This marks a turnaround from the previous divergence between these asset classes in June. The Nasdaq 100 Index has surged by more than 40% this year, driven by excitement surrounding artificial intelligence. The 30-day correlation coefficient for Bitcoin and the Nasdaq 100 has rebounded to nearly 0.4, a stark contrast to the negative 0.1 observed in June and July.
In related news, Bloomberg's crypto analyst, Jamie Coutts, reported that Bitcoin's clean energy usage in mining operations has exceeded the crucial 50% threshold. Coutts bases his findings on the latest insights from the Cambridge Center for Alternative Finance, which recently revised its estimates of Bitcoin mining power consumption downward, taking into account sustainable energy sources like off-grid electricity and reduced reliance on fossil fuels. Since China's mining ban in mid-2021, emissions associated with BTC have dropped by 37.5%, dispelling some concerns about its environmental impact. This development aligns with Elon Musk's statement in June 2021, when he indicated that Tesla would resume accepting BTC payments once the cryptocurrency's mining operations became more environmentally friendly.
As Bitcoin's clean energy usage surpasses the 50% mark and emissions continue to decline, the cryptocurrency industry's pivot towards sustainability could have far-reaching implications for global energy dynamics. This shift is a testament to the ever-evolving landscape of digital currencies and their integration into the broader financial ecosystem.
