Crypto Market to Stay Highly Correlated to Stocks Amid Macro Events and Dwindling Network Activities, Citi Says
Digital assets are expected to stay highly correlated with equities amidst the upcoming macro calendar, the report said.
Digital assets are expected to stay highly correlated with equities amidst the upcoming macro calendar, the report said.
The network activity has also been falling on Ethereum and stalling on the Bitcoin blockchain, the report said.
The blockchain project is taking advantage of an increasingly popular fundraising method known as "node sales" just months after a traditional $12 million fundraise.
The bitcoin price rose 1% just after the numbers hit, but remains lower by about 5% from one week ago.
The latest price moves in crypto markets in context for Sept. 6, 2024.
Total crypto market cap was $2.02 trillion at the end of August, a 24% decline from this year's peak of $2.67 trillion in March, the report said.
Total crypto market cap was $2.02 trillion at the end of August, a 24% decline from this year's peak of $2.67 trillion in March, the report said.
Bitcoin has been losing ground as investors brace for the highly anticipated August jobs report, a key piece of economic data that could drive the cryptocurrency's next move. Monitor these key chart levels.
The average, widely considered a barometer of the long-term trend, has hit stall speed for the first time since October.
The average, widely considered a barometer of the long-term trend, has hit stall speed for the first time since October.