With the ongoing “crypto winter”, digital investors are skeptical about the market and have gone back to focusing on the mood of the US stock market to ascertain if the worst might be over.
The stocks have mostly been up over the last few weeks and so is Bitcoin, which has added 15 percent over the past month. After a significant decline in June, the 90-day correlation coefficient between Bitcoin and the S&P 500 is now back at 0.65, one of the highest readings found in Bloomberg data going back to 2010. A coefficient of 1 indicates that the assets are moving in unison, whereas a coefficient of -1 indicates that they are moving in the opposite direction.
The stocks and crypto are moving in a similar fashion. The backdrop is a Federal Reserve that is hawkish and determined to rein in inflation, which has been been the cause of volatility for a variety of assets in 2022.
However, there is no way to ascertain whether the lows in the stock market and the crypto market have been hit...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...