The relationship between cryptocurrency market and NASDAQ turned positive before the release of US CPI
It is reported that before the release of the US CPI, the relationship between the cryptocurrency market and the NASDAQ turned positive. The 90-day correlation coefficient between the total market value of the cryptocurrency market and the NASDAQ rose from -0.12 to 0.74 in four weeks, reaching the highest level since the beginning of November. Observers expect that the US CPI report on Tuesday (February 14) is expected to show that the deflation of the world’s largest economy continues, which means that the encryption market is developing at the same time with technology stocks again. In the days when technology stocks are rising, cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH) may also rise. On the contrary, the decline of technology stocks may drag down the cryptocurrency market. （coindesk）
Interpretation of this information:
According to a report, the relationship between the cryptocurrency market and NASDAQ has turned positive, with the 90-day correlation coefficient rising from -0.12 to 0.74 in four weeks. Observers predict that with the expectation of a deflation in the US economy as shown by the CPI report on Tuesday, the cryptocurrency market will develop alongside technology stocks again. If technology stocks, such as NASDAQ, rise, it is likely that cryptocurrencies such as Bitcoin and Ethereum will follow suit. However, if technology stocks decline, the cryptocurrency market may also fall.
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