CandleFocus Crypto Market to Stay Highly Correlated to Stocks Amid Macro Events and Dwindling Network Activities, Citi Says
2024-09-06
Author: Content Editor
According to a report by Citi, the cryptocurrency market is expected to stay highly correlated with equities as it continues to underperform other risk assets. The bank observed that both bitcoin and ether spot ETFs have seen outflows, and network activity has been falling on Ethereum and stalling on the Bitcoin blockchain. Citi also noted that recent weakness in digital assets has led to lower energy consumption by bitcoin miners. Despite the market weakness, the market cap for stablecoins continues to grow. Citi expects the crypto market to remain correlated with equities due to upcoming macro events. JPMorgan expressed a similar sentiment in a report, stating that the crypto ecosystem lacks major catalysts in the near term.
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