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Apex cryptocurrency Bitcoin (CRYPTO: BTC) may be the reason for the recent decline in correlation between shares of Tesla Inc. (NASDAQ:TSLA) and other large U.S. technology companies, Bloomberg reported Wednesday, citing RBC Capital Markets derivatives strategist Amy Wu Silverman. What Happened: The 20-day correlation between Tesla’s stock price and the Nasdaq 100 index fell from 0.83 on June 17 to 0.14 as of Wednesday, July 14, while the correlation between Tesla’s shares and the NYSE FANG+ Index has also declined, as per the report.
...read full article on Benzinga
