Standard Chartered analyst: Bitcoin and Nasdaq correlation strengthens, recommends "buy on dips"

Odaily News Geoffrey Kendrick, head of foreign exchange and digital asset research at Standard Chartered Bank, recommends buying dips as Bitcoin comes under pressure due to its growing correlation with the Nasdaq. "Bitcoin's correlation with the Nasdaq remains strong, far exceeding its correlation with gold," Kendrick said in a statement on Monday. Kendrick said Nasdaq futures fell 3% on the news related to DeepSeek. Before the opening of the market today, Nasdaq 100 futures fell 3.3%, and several technology stocks followed suit. Less than a year after its establishment, Chinese artificial intelligence startup DeepSeek launched its flagship AI model R1. The model's performance is reportedly comparable to OpenAI and more cost-effective. Influenced by this news, Nvidia plunged more than 13% in pre-market trading. (TheBlock)