Analyst: If the US stock market experiences a significant correction, the cryptocurrency market may further decline

2024-07-12 08:33:57

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ChainCatcher news, according to CoinDesk, LMAX Group strategist Joel Kruger stated in today's market update that if the poor performance of the U.S. stock market evolves into a broader correction, cryptocurrencies may decline further.

The analyst said: "At the moment, we believe the biggest risk facing crypto assets is that the U.S. stock market is severely overbought and may be on the verge of a crash. This correlation is by no means absolute, but there is evidence that a significant pullback in the stock market could put pressure on crypto assets, at least temporarily."

Data shows that during the New York midday, the Nasdaq index fell by 1.8%, and the S&P 500 index dropped by 0.9%. Bitcoin, which earlier rose above $59,000 due to U.S. inflation news, is now down 0.6% to around $57,500.

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