Bitcoin's rising correlation with tech weighs on hedge appeal

A familiar tune played out in the market Friday: technology stocks staged a mini rebound and at almost exactly the same time, Bitcoin reversed course too, spotlighting the cryptocurrency’s tendency to move in lockstep with other risk assets.

The world’s largest digital token was up 0.6% to $43,080 on Friday as of 3:46 p.m. New York-time. Seasoned market veterans might not have been surprised to see that the Nasdaq, which is heavily-weighted toward big tech companies, also advanced.

“Bitcoin is following the usual near-term pattern, which is a relatively high correlation with Nasdaq and other technology stocks,” according to Matthew Sigel, head