- Macro headlines or market changes do not affect Bitcoin and Ethereum, says QCP Capital.
- Bitcoin’s correlations with traditional macro drivers have declined to almost zero.
- Crypto market’s sideways price movement started after the surge around the XRP ruling.
Macro headlines or market changes do not affect Bitcoin and Ethereum, says QCP Capital, a full-suite crypto asset trading firm. The firm noted that correlations with traditional macro drivers like the USD and equities have declined to almost zero.
Market Update – 30 Jul 23 (Accumulators!)1/ #BTC and #ETH continue their nonchalance to any macro headlines or market moves. Correlations with traditional macro drivers like the #USD and #equities have declined to almost zero (charts below ) pic.twitter.com/Nb5XaHjwMx
— QCP Capital (@QCPCapital) July 30, 2023
QCP Capital shared a couple of screenshots showing the XBTUSD correlation against the DXY index, SPX index, and NDX index are all tending toward zero. That is happening while the crypto market trades softly and sideways. According to QCP Capital, the sideways price movement started after the surge around the XRP ruling earlier this month. It also s…
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