According to BlockBeats, on July 12, LMAX Group strategist Joel Kruger said in a market update that if the poor performance of the U.S. stock market evolves into a broader adjustment, cryptocurrencies may fall further. He pointed out that at present, we believe that the biggest risk facing crypto assets is that the U.S. stock market is severely overbought and may be about to collapse. This correlation is by no means absolute, but there is evidence that a sharp correction in the stock market may put pressure on crypto assets, at least temporarily.
The Nasdaq fell 1.8% and the S&P 500 fell 0.9% at midday in New York, data showed. Bitcoin, which had earlier climbed above $59,000 on news of U.S. inflation, was down 0.6% to around $57,500.