![Bitcoin breaks $24k – correlation seen with traditional assets trending downwards YTD](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2023/01/bitcoin-Insights-2.jpg&w=70&h=37&q=75)
Quick Take
- Bitcoin was strongly correlated to traditional assets during 2022 due to uncertainty in the unprecedented speed of rate hikes from the federal reserve.
- However, as 2023 continues to unfold, Bitcoin seems to be decoupling from traditional assets and going into a class of its own — roughly 50% up year-to-date.
On a YTD view;
- BTC is -0.17% correlated to the US 10-year government bond yield.
- BTC is 0.15% correlated to the S&P 500 (YTD low).
- BTC is 0.24% correlated to the Nasdaq.
- BTC is -0.19% correlated to the DXY.
- BTC is 0.17% correlated to TLT.
![BTC Correlation against Traditional Assets: (Source: Trading View)](https://cryptoslate.com/wp-content/uploads/2023/02/correlation.png)