The 90-day correlation between the flagship cryptocurrency and the tech-heavy Nasdaq 100 index has reached 0.46, the highest level in almost a year. The correlation between the largest cryptocurrency and equities tends to fluctuate based on macro-financial conditions. For instance, it soared to as high as 0.50 in May 2022. It also surged through the roof in 2020 during the QE era.
The latest inflation data has revived bullish sentiment since Wall Street believes that the U.S. Federal Reserve might now end up cutting rates multiple times this year. Lower borrowing costs would be hugely beneficial for risk assets like stocks and crypto.
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