Cryptocurrencies tumbled overnight, recording losses of nearly $200 billion
Jan Wüstenfeld, on-chain analyst for crypto research firm Quantum Economics, cited “high macro uncertainty—most importantly high inflation, and in reaction to that, a more hawkish Federal Reserve Bank”—as the reason for the market’s negative performance.
As of late, cryptocurrencies have moved increasingly in sync with the broader financial markets. “Currently, the S&P 500 seems to dictate the direction of bitcoin and the overall crypto market, evident by correlations reaching new highs,” crypto analytics firm Arcane Research highlighted in a note issued on Tuesday. “Bitcoin’s 90-day correlation to the S&P 500 is currently at its highest since October 2020.
Amid expectations that the Federal Reserve will soon start to raise interest rates, investors have been shedding their positions in riskier assets. Both the Dow Jones Industrial Average and S&P 500 are on track for a third straight week of losses. The Nasdaq is down nearly 5% on the week. Accordingly, bitcoin mining and other crypto proxy stocks have continued to slide. Most are down over 10% so far this year.
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