Matrixport: The correlation between the Nasdaq index and Bitcoin has reached 42% over the past 30 days, with the former hitting new highs

ChainCatcher news, Matrixport released a report stating that despite the U.S. Producer Price Index (PPI) being higher than expected, the Nasdaq index still reached a historic high last night. Although the Nasdaq index appears to be valued 5% higher than BTC, this indicates that BTC is undervalued, as the 30-day correlation between the two remains as high as 42%. This means that as the Nasdaq hits new highs, Bitcoin should also follow suit and reach new highs.