Market update: Macro fears are back

The past seven days have been dreadful for the crypto market as investors prepare for tighter monetary conditions as inflation runs hot. The US Government just released the highest CPI numbers in more than 40 years - 8.5%.
Source: Tradingview (Coinbase, Binance)

Bitcoin is down 14%, ETH is down 14%, while BNB is the best performer of the top 3 with a 9% loss.

Bitcoin's correlations with other risk assets continue to stay elevated. Its 90-day correlation with ETH is now 0.91, the highest since June 2020, while its 90-day correlation with the S&P 500 hit an all-time high two weeks ago.

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