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Correlation Between Crypto Market and Nasdaq Turns Positive Ahead of US CPI Release

The correlation between the crypto market and the tech-heavy Nasdaq equity index has turned positive, indicating the digital asset investors' renewed focus on risk appetite on Wall Street.

The 90-day correlation coefficient between the crypto market's total capitalization with Nasdaq has risen from -0.12 to 0.74 in four weeks, reaching the highest since early November, according to data sourced from charting platform TradingView.

In other words, the crypto market is again moving in tandem with technology stocks. On days when technology stocks trade higher, cryptocurrencies, including bitcoin (BTC) and ether (ETH), are likely to do the same. Conversely, a decline in technology stocks could drag the crypto market lower.

(By Omkar Godbole)

Nasdaq Crypto
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