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Cryptocurrencies Trade in Sync After FTX Collapse – Just Not With Stocks

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Correlations have increased on various sectors of the 162-asset CoinDesk Market Index (CMI) amid widespread crypto distress following the FTX exchange collapse Liqquidity reports.

And despite widespread headlines about the FTX-inflicted turmoil across traditional financial media, U.S. stocks were mostly unfazed – trading higher based on

that inspired investor hopes of a less threatening monetary-tightening campaign by the Federal Reserve.An analysis of CMI and its six sector indexes shows how correlations surged among the various digital assets from Nov. 7 to Nov. 11. The crypto market went into"a highly correlated state after the FTX collapse," said Jodie Gunzberg, managing director of CoinDesk Indices."The event was so powerful that it is driving the entire asset class together."

The light blue bars show the correlation between the CMI sectors after the FTX collapse, versus the dark blue bars before.

 

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