Cryptocurrencies Exhibit Strong Correlation with US Stocks Cryptocurrencies have shown a strong positive correlation with the US stock market, reaching a two-year high. The 40-day correlation coefficient between the top 100 cryptocurrencies by market cap and the S&P 500 index has hit 0.67, the highest since Q2 2022. Macroeconomic Influences Drive Crypto Prices Recent market movements, such as the surge in both cryptocurrencies and the US stock market following the Federal Reserve's interest rate hike, suggest that macroeconomic factors are driving crypto prices. Focus on FOMC Actions Market participants are closely watching the actions of the Federal Open Market Committee (FOMC) and are awaiting a speech by Fed Chairman Jerome Powell on Friday. FOMC guidance and member speeches may have a significant impact on crypto prices.