BlockBeats news, September 23, according to Bloomberg, according to a correlation study, the trend of cryptocurrency assets and US stocks has almost reached the highest level in the same period in history, indicating that the macroeconomic variables that drive the stock market are also affecting the cryptocurrency market.
Bloomberg data shows that the 40-day correlation coefficient between the top 100 cryptocurrency assets and the S&P 500 index is about 0.67, and it has only exceeded this level in the second quarter of 2022, when the value reached 0.72. A correlation reading of 1 indicates that the assets move in perfect harmony, while -1 indicates the opposite trend.
Last week, the Federal Reserve cut interest rates by 50 basis points, kicking off the expected monetary easing cycle. This week's focus will be on comments from Federal Reserve officials and the release of the US Personal Consumption Expenditures Price Index (PCE).
