Key takeaways:
- Bitcoin’s correlation with Nvidia has surged to 0.75, its highest in a year.
- Analysts fear such a correlation may result in BTC price dropping by up to 80%.
Bitcoin (BTC) and Nvidia stock (NVDA) are now moving more in sync than at any point in the past year. That has some market watchers worried about a looming crash similar to the dot-com bubble era in the late 1990s.
Risky AI-on-AI deals pose crypto crash risks
BTC’s 52-week correlation with the world’s top chipmaker has climbed to 0.75 as of Friday. It comes in the same week in which both Nvidia and Bitcoin valuations have hit new record levels.
Nvidia’s share price has soared 43.6% year-to-date, topping $195.30 on Thursday, while Bitcoin gained 35.25% to over $126,270 on Monday…more
Source cointelegraph.com
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