Crypto Market's Direction During a Recession Might Depend on Nasdaq

“Bitcoin has really bound itself to the Nasdaq in terms of correlation, and if the Fed keeps hiking rates and if the market believes [it is] going to hike rates, recession or not, Nasdaq suffers in the short term,” said Bob Iaccino, chief strategist at Path Trading Partners and co-portfolio manager at Stock Think Tank. „And if this correlation continues, then crypto suffers, too.“