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…
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