Bitcoin {{BTC}} has struggled mightily in recent months, its price falling more than 20% after hitting a record high in mid-March. However, US stocks such as the Nasdaq Composite and S&P 500 appear to be on a steady rise. 😅

Both stock averages closed in the green for the seventh straight week on Wednesday, and both hit new all-time highs. It was the 37th record close of 2024 for the S&P 500 and the 27th record close for the Nasdaq. 🚀📈

A report in The Block noted that bitcoin's correlation with these indicators has fallen to multi-month lows - -0.84 with the Nasdaq and -0.82 with the S&P 500. (A negative 1 reading means they moved the same amount but in opposite directions.) 😲

This is not the case today. They are all moving in the same step. But unfortunately for bulls, this is the case when stocks fall sharply. At noon New York time, the Nasdaq was down 1.8% while the S&P 500 was down 0.9%. Bitcoin rose above $59,000 at the beginning of the session to welcome US inflation news, but is now down 0.6% to $57,500. The broader CoinDesk 20 Index is down 0.4%. 😰

Joel Kruger, market strategist at LMAX Group, said in his morning update that if the stock market's bad day turns into a broader correction, there could be further declines for cryptocurrencies. 🤔

Now, what do you think? I'm waiting for your comments!#DeFi#Web3