Bitcoin and Ethereum continue to trade almost in tandem with the largest US stock market indexes.
The past several weeks have been quite the negative turmoil for the cryptocurrency market, as it all started at the end of March. Interestingly, this coincides with a similar drop for the largest US-based stock market indexes, which led to a multi-month high in terms of correlations between Wall Street and crypto.Following the rocky start of the year, bitcoin and most altcoins started to regain traction in March. BTC alone spiked to nearly $50,000 after slipping below $35,000 six weeks earlier.
The US stock market was in a similar position. All of its benchmark indexes – namely, the S&P 500, the Dow Jones, and Nasdaq Composite – went down prior to March but peaked at the end of it. This is where the landscape started to change as the US Federal Reserve began raising the interest rates after years of looser policies. The crypto community is painfully aware of what happened in the digital asset space in the following month and a half. In fact, BTC hadThe significantly more regulated and less volatile by nature US stock market indexes have experienced more modest declines in the same timeframe but are still well in the red.
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