Crypto’s Correlation With US Stocks Nears Record in Fed Fallout

-- Digital assets and US stocks are moving more in tandem than at almost any time in the past, based on a correlation study, signaling that the macroeconomic variables driving equities are also shaping the crypto market.Belfast’s Grand Central Station Creates New Era for Northern Ireland’s Public TransportA 40-day correlation coefficient for a gauge of the largest 100 digital assets and the S&P 500 Index is at about 0.67, a level exceeded only in the second quarter of 2022 when it topped 0.

“We view the speakers as being more important than the PCE inflation data as it’s really the FOMC reaction function that is key at the moment that the market is trying to ascertain,” said Sean McNulty, director of trading at liquidity provider Arbelos Markets.Bitcoin, the largest cryptocurrency, rose less than 1% to $63,480 as of 7:38 a.m. Monday in New York amid modest gains across most major digital tokens. The advance came alongside a climb in US equity futures.

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