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Bitcoin’s price surged to record highs in late 2023, fueled by Wall Street’s spot ETF frenzy and political shifts, only to face a sharp correction in early 2024. Surprisingly, its price movements mirrored not just US stocks but even global orange juice prices. What does this unusual correlation reveal about Bitcoin’s role in the broader economy?
- Bitcoin's price surged 79% from October 2023 to January 2024 but corrected to 40% gains by Q1, highlighting extreme volatility.
- The cryptocurrency showed a sustained positive correlation with US stocks (S&P 500 and Nasdaq) since August 2023, mirroring their Q4 rally and Q1 correction.
- An unexpected parallel emerged with global orange juice prices, which rose sharply in late 2023 before crashing in early 2024, suggesting broader dollar-driven market movements.
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Other Tags: International Monetary Fund (IMF), Nasdaq, Nasdaq Composite, Wall Street