Market update: Still no signs of optimism

The crypto market is no exception to the general weakness risk assets have shown lately. Particularly altcoins struggle, as we see fearful market participants fleeing the smallest and most risky coins.

The bitcoin price fell 4% over the past seven days, dropping below the critical technical level at $40k. All the top 3 coins by market cap continue following each other closely and are down between 3% and 5%.

The 90-day correlation between bitcoin and ether is still elevated, sitting at 0.92, which is close to an all-time high. Bitcoin’s correlation with the S&P 500 also continues to grind upwards, currently sitting at 0.59, also close to an all-time high.

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