Bitcoin, Ethereum Reach Extremely High Correlation with Stocks, What This Means for Price - Aliens: AI Crypto News & Markets Updates
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Bitcoin, Ethereum Reach Extremely High Correlation with Stocks, What This Means for Price

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U.Today

Thu, May 19, 2022

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According to recent data shared by IntoTheblock analytics, Bitcoin (BTC) and Ethereum (ETH) continue to maintain an extremely high correlation with the stock markets, with the 30-day correlation reaching as high as 0.9.

— IntoTheBlock (@intotheblock) — IntoTheBlock (@intotheblock) $BTC and $ETH correlation with traditional markets continue to be extremely high Our correlation matrix displays how crypto is moving almost in tandem with traditional equities such as Nasdaq, S&P500 and Dow Jones 30-day correlation is above 0.9 Chart: https://t.co/Wx8RxQwatF pic.twitter.com/hsUbUMU9HH May 19, 2022 For the second day in a row, Bitcoin has remained near $29K, causing the rest of the crypto market to suffer minor losses.

On Thursday, the Crypto Fear and Greed Index rose a few points to 13 and remained in "extreme fear." After the Federal Reserve raised interest rates by 50 basis points, or 0.5 percentage points, at its most recent Federal Open Market Committee (FOMC) meeting in May, stocks might be on the edge of a bear market.

pic.twitter.com/5SE67MhHwh May 18, 2022 Meanwhile, cryptoanalyst Ali Martinez sees that further weakness in ETH might lead to a drop to $700 as the "transaction history shows that 2.24 million addresses bought 26.33 million ETH at $2,300." Any signs of weakness might encourage these addresses to sell, which could see Ethereum drop to its most important support at $700, where 13.25 million addresses hold 13.1 million ETH." Despite the potential for price declines, Bitcoin and Ethereum attract a lot of attention.

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