A recent Coinbase research report indicates that the correlation between the cryptocurrency and stock markets is at an all-time high in September, reaching nearly 50%. This increased correlation is attributed to global easing campaigns in China and the U.S. Several major events in the crypto community have taken place recently, and the Federal Reserve's aggressive approach to interest rate cuts positively affected both crypto and stock markets. Bitcoin crossed the $64,000 mark, and crypto-related stocks, like Coinbase and Microstrategy, saw gains. Data from Bloomberg shows that U.S. equity futures and crypto prices have been moving in tandem. This increased correlation between stocks and crypto is believed to be influenced by macroeconomic events. Ethereum has been outperforming Bitcoin during this period of heightened correlation. Altcoins have also gained renewed interest from investors, with memecoins like Shiba Inu and PEPE skyrocketing. Additionally, the report highlights the best-performing sectors in the past week, including Layer 0, gaming, and scaling solutions.
- Content Editor ( cryptopolitan.com )
- 2024-09-28
Coinbase research shows that crypto and stock markets are highly correlated