Market Wrap: Bitcoin Finishes the Week in Positive Territory Again

Ten-year Treasury yield daily close: 2.78%Bitcoin, ether and gold prices are taken at approximately 4pm New York time. Bitcoin is the CoinDesk Bitcoin Price Index ; Ether is the CoinDesk Ether Price Index ; Gold is the COMEX spot price. Information about CoinDesk Indices can be found atAs we close the week, let’s look at how markets performed overall.BTC and ETH outperformed traditional asset classes on the week, but still trail when looking at year-to-date performance.

For context, we use the correlation coefficient to examine the strength of the relationship between the price movements of different assets. A correlation close to 1 indicates a strong relationship between assets, while a correlation of zero indicates no relationship. Moreover, a correlation of -1 indicates a complete inverse relationship between the assets in question.

What we’ve noticed over the last 30 days of trading is that while BTC and ETH remain strongly correlated to each other , the correlation between cryptocurrencies and traditional assets is beginning to return to levels witnessed earlier this year.An indicator that we broached earlier this week which bears reexamination is the current level of BTC funding rates. As a reminder, funding rates represent payments to traders that are long or short BTC.

Note that we offer no exotic formula or tools of prognostication in voicing our expectations for FOMC decisions. We essentially monitor what they say, using tools like the FOMC “dot plot” as a guide. For context, the FOMC dot plot is simply a record of each Federal Reserve official's projection for the Fed Funds rate. We expect that rates will increase to 2.5% next week and approach 3.5% by the end of 2022. To the extent that this remains unchanged, we anticipate that the price of BTC already reflects this data.Synthetix’s SNX Rises 14% on Liquidity Deal Renewal:

GWilliamsJr_CMT JimmyHe32 I think the growth should continue in the near future

GWilliamsJr_CMT JimmyHe32

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