🟦 In recent months, there has been an increasing correlation between the prices of Bitcoin and other cryptocurrencies and the stock prices on global equity markets. Experts attribute this to the fact that the future movement of the crypto market will depend on economic indicators in the US.
🟦 The correlation coefficient between the top 100 cryptocurrencies by market capitalization and the MSCI global stock index has reached around 0.6, one of the highest levels in the past two years. A similar trend is observed in the correlation between Bitcoin and the S&P 500 index of the largest US companies.
🟦 Experts suggest that the trend of a close relationship between the crypto market and global macroeconomic conditions will persist in the coming months. Key data that could impact the market include the August 2024 US employment report, US Consumer Price Index data, and decisions regarding the Federal Reserve’s base interest rate.