It correlates with the US stock market. BTC's dependence on the S&P 500 and Nasdaq business activity indicators periodically increases.
However, due to the collapse of the FTX and the exit of capital from cryptocurrency exchanges, the correlation of bitcoin and the S&P 500 has sharply weakened, according to a report by Citigroup bank.
Last week, the US stock index S&P 500 strengthened by 6%, and BTC lost about 20% in value during the same time.
Shares of IT companies were almost not affected due to the crisis around the FTX crypto company. The US stock market, on the contrary, showed impressive growth, the researchers stressed.
They concluded that digital currencies are much more dependent on the technology sector.