Crypto rues Bitcoin’s decoupling from AI-fueled tech stock gains

Crypto fans are now paying a price for Bitcoin’s weakened correlation with technology stocks.

The top digital asset posted a monthly slump in May for the first time in 2023, while the Nasdaq 100 added almost 8% amid hype over artificial intelligence.

A 30-day correlation coefficient for Bitcoin and the tech-heavy Nasdaq 100 is around 0.2 versus 0.8 in May 2022. A reading of 1 indicates assets are moving in lockstep, while minus-1 would show they’re moving in opposite directions.