Major Cryptocurrencies Mostly Higher as Dollar Eases
Dow Jones
Oct 16
1120 ET - A weaker USD index is giving many major cryptocurrencies support. This week has seen bitcoin and other crypto tokens responding more to macro market moves and less to how tech and AI stocks move, says Colin Basco of Coinbase Institutional in a note. "Bitcoin's correlation with chip stocks has also fallen to well under half its January peak, indicating that the market is no longer treating bitcoin as a leveraged proxy for technology stocks," says Basco. He adds that spot demand for bitcoin and other cryptocurrencies remains the "soft spot" for prices, especially as odds for a rate hike before the end of the month are seen rising. Bitcoin is up 0.1% to $82,106, while ethereum rises 0.4% to $2,460.
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