Update
Bitcoin Price Declines After Nasdaq's 5.5% Crash
Bitcoin's price dropped by about 5% to 6% in tandem with a broader market sell-off, as the Nasdaq Composite Index (INDEXNASDAQ: .IXIC) plunged over 5.5%. The drop was attributed to $1 billion in crypto derivatives liquidations and a correlation with risk assets, including the Nasdaq and gold. Bitcoin's recent price action has been closely correlated with these factors, with a 90-day correlation of +0.49 with the Nasdaq and +0.51 with gold.