Crypto has been nearly perfectly correlated with a key software sector ETF, and that gauge has tumbled another 5% Monday to a new 52-week low.
Bitcoin rebound fades as software and private equity rout drags stocks and crypto lower
Crypto has been nearly perfectly correlated with a key software sector ETF, and that gauge has tumbled another 5% Monday to a new 52-week low.
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A sentiment index that tracks crypto markets changed to “fear” early Monday, suggesting a possible sign of a near-term local bottom.
Short-term price action is driven by technical positioning, with $2.13 acting as a key resistance level.
Crypto and related stocks are sliding as traders brace for the July FOMC meeting minutes and Powell’s Jackson Hole speech, fearing a hawkish Fed stance.
The broker reiterated its buy rating on the stock while raising its price target to $70 from $42.