- The crypto market is highly correlated with the stock market, moving in tandem with the latter.
- The US job report cites reduced unemployment rates, to which the stock market may react positively.
- The community expects a bullish crypto rally in response to the US jobs report.
Recent reports offer a glimmer of hope to the crypto community, which has been navigating a turbulent market. A new Bloomberg report highlights the growing correlation between crypto and equities, suggesting a potential crypto boom following the positive U.S. jobs report.
The report discusses the decreased unemployment rate, alleviating concerns of a weakening labor market. The Labor Department’s weekly jobless claims report also revealed the unemployment rate falling to levels last seen in mid-June. This signals a lower likelihood of U.S. Federal Reserve interest rate hikes, potentially fueling a bullish crypto rally.
Correlation Between Crypto and Stocks
The US jobs report is a key economic indicator that can significantly impact both the stock market and the crypto market. Additionally, the strong correlation between the two markets further supports the idea of a potential shif…
The post Crypto’s Correlation with Equities: A Closer Look at Market Trends appeared first on Coin Edition.
Source: https://coinedition.com/cryptos-correlation-with-equities-a-closer-look-at-market-trends/