What is the correlation between Novavax stock and Bitcoin price?

1 answers

• Rosario CochraneJun 25, 2021 · 4 years ago
  BYDFi, a leading digital currency exchange, has observed a correlation between Novavax stock and Bitcoin price. While Novavax is a pharmaceutical company and Bitcoin is a digital currency, there have been instances where both assets have shown similar price movements. This could be due to the influence of market sentiment and investor behavior. When there is positive news or sentiment in the pharmaceutical industry, it can lead to an increase in Novavax stock price, and this positive sentiment can spill over to the cryptocurrency market, causing an increase in Bitcoin price. However, it's important to note that correlation does not imply causation, and the relationship between Novavax stock and Bitcoin price may be influenced by various other factors as well. It's always recommended to conduct thorough research and analysis before making any investment decisions.
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