Crypto Under Pressure Again
Some things are not looking normal in the crypto ecosystem. While the other markets are purchasing better days with limited influence of central bank policies and the slight recovery has been happening on all other sides, the crypto market is more bearish today.
Under normal circumstances, the crypto ecosystem has the most volatile market with double - digit pumps and dumps in a day. Even though it sounds like a gamble, the market had strengthened its bounds to the global market; the correlation with NASDAQ, where technology companies are listed, had been quite high.
Though Bitcoin struggles to stay above $66K, the NASDAQ chart proves the attention on the technology shares in the U.S.
Considering the fact that there is an upcoming election in the U.S. and the markets do not like the risks at all, the current divergence is hard to understand. Also, we need to note that Trump calls himself the president of the crypto lovers and he is 2 points ahead Biden in the pre - election data.
Over the last 12 months, the correlation between NASDAQ and Bitcoin has been fluctuating. Yet, you will notice that the correlation trend is going downward. Currently, the Pearson Correlation index is 0.63 and we can still assert that there is a positive correlation though the strength is getting lower.
While Gold, global, and all others are green, what makes crypto red once again?
To be honest, I see no other strong reason to relate other than the market makers' stress - test and the DXY's resilience around 105 levels.
What do you think about the red crypto days against green global markets?
Share your thoughts below 👇
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