U.S. economy added an unexpected robust 263,000 jobs in November. Bitcoin was recently hovering near $17,000, recovering from an earlier slide on the news, whereas equities were mixed following the strong job report. The S&P 500 and Nasdaq Composite closed down 0.12% and 0.18%, respectively, while the Dow Jones Industrial Average was up 0.1%. Data from crypto analysis firm IntoTheBlock shows bitcoin’s 30-day correlation with the S&P 500 dropped to -0.8, hitting its lowest point since May 2019. “The contrast between crypto’s internal troubles and macro’s positive tailwinds have led the two to become negatively correlated,” Lucas Outumuro, head of research at IntoTheBlock, wrote in a Friday note.
Crypto gives back gains as macro headwinds overwhelm regulatory optimism
For about 48 hours, crypto had something genuine to celebrate. The CLARITY Act, a landmark piece of stablecoin regulation, cleared...
