Bitcoin is known for being an unpredictable and risky asset class.

Cryptocurrencies have been volatile in recent weeks.

Bitcoin’s 20-day volatility has matched Nasdaq’s for the first time in two years, according to crypto market data provider Kaiko.

While Bitcoin’s price has remained largely unchanged since early September, the Nasdaq and S&P have lost 13% and 10%, respectively.

Historically, Bitcoin has been closely correlated with tech stocks, but with higher betas. It does not fit the label of a safe-haven asset or "digital gold."

Despite the violent crash in June, cryptocurrencies have proven to be one of the best-performing asset classes in the third quarter, second only to the U.S. dollar.

Like its volatility, Bitcoin’s real price fell to a late-2020 low last week after the U.S. core consumer price index, or CPI, excluding food and energy, hit another 40-year high.

Both bitcoin and stocks fell on the news but quickly bounced back into their respective ranges.

The initial plunge in June followed the release of CPI data for May, which showed inflation at 8.6%.