Bitcoin dips to October levels amid stock market weakness after disappointing jobs data

Bitcoin (BTC-USD) -5.3% is increasingly moving in tandem with the S&P 500 Index (SP500) -0.9% as both drop on Friday following weaker-than-expected nonfarm payrolls in November. In the past five trading sessions, Bitcoin (BTC-USD) -0.8% and S&P 500 (SP500) -0.3% slide, though BTC outpaces S&P by a wide margin on a Y/Y basis, as seen in the charts below. Bitcoin (BTC-USD) is now changing hands at sub $54K, about 20% off its end of October all-time high at $69.4K per token. The 100-day correlation coefficient of Bitcoin (BTC-USD) and the S&P 500 (SP500) stands at 0.33, among the highest reading this year, Bloomberg reports. Additionally, the rolling 60-day correlation between BTC and S&P "has climbed rather quickly and is nearing 2020 levels," Charles Schwab Chief Investment Strategist Liz Ann Sounders writes in a tweet. In qualitative terms, "the crypto industry looks at Bitcoin as like this super-low-risk option," Head of Investment Strategy at SoFi Technologies Liz Young. "And it