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Santa Claus Rally Hopes for Crypto-Stocks Fade

The Santa Claus Rally, a tradition of rising US stocks ahead of Christmas, does not seem to have fully occurred this year. It is recorded that this has only happened 59 times or 80% of the 74 meetings before the end of the year since 1950.

Although the Nasdaq Composite and Bitcoin (BTC) prices rose on Christmas Eve and Christmas Day, the decline in the second half of this week has the potential to disrupt momentum. It is known that Bitcoin has decreased by 1.38%, while the Nasdaq is 1.49% in 24 hours.

In addition, the correlation between Bitcoin and technology stocks such as the Nasdaq is increasing, making movements in one market affect the other.

Interestingly, several other crypto assets have increased, namely Binance (BNB) by 11.5%, Toncoin (TON) 11%, and Solana (SOL) 8%. This shows that the performance of these assets is increasing.

On the other hand, the current market conditions are caused by a variety of factors, including high valuations before the holidays and selling by Bitcoin miners due to rising energy prices throughout the year.

-# source image: NZ Herald