Bitcoin hit by economic headwinds, Luno report says

0
111

The correlation between the financial markets and the crypto market is nearing all-time highs 

by ANIS HAZIM 

BITCOIN has come off its week low of US$39,000 (RM164,000) to trade at US$41,886, while ethereum is tracking closely, as the crypto market was impacted by rising interest rates and uncertainties in financial markets. 

“The macroeconomic headwinds could be a natural catalyst for the currently idle crypto market,” Luno Malaysia country manager Aaron Tang (picture) stated in a weekly report by Luno Malaysia and Arcane Research.aid. 

According to him, the correlation between the financial markets and the crypto market is nearing all-time highs. 

“Bitcoin’s correlation to ethereum and the broader market has seen a steady rise over the last few months, approaching closer to the highs from the bear market of 2018 and 2019,” he noted. 

On Monday, the bitcoin-ethereum correlation sat at 0.90, closing in on…

Read more…