Inflation surprise igniting the downfall - Correlations remain very sticky
Most of the crypto market is eyeballing the potential insolvency of Celsius as the key driver of the poor market. While it’s true that the Celsius situation contributes to exaggerating the sell-off, poor U.S. markets seem to be the key driver still.
Jun 14th 2022
Source: Tradingview (BTC, QQQ, SPX)
On Friday, U.S. CPI numbers of 8.6%, above market expectations of 8.4%, shocked the market, leading both S&P 500 and Nasdaq to plunge, with BTC following the downfall.