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2 July 2022
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Decoupling: Crypto in Deep Red Despite Wall Street’s Relief Rally (Market Watch)


The cryptocurrency market has remained largely uncorrelated with Wall Street over the past few days, trading in the red with little to no signs of a relief.

The past few days saw a considerable disparity between the cryptocurrency market and traditional stocks. Unlike Wall Street, though, crypto remains deep in red without a sign of relief.

Bitcoin Struggles at $29K

At the time of this writing, Bitcoin’s price is charting roughly a 1% decrease in the past 24 hours and continues struggling around $29,000.

Interestingly enough, this happens during days of an evident relief rally for Wall Street as major indices are well in the green following the previous declines.

BTCUSD_2022-05-28_11-24-22
Source: TradingView

As seen in the chart above, BTC is highly uncorrelated to the S&P 500, NASDAQ, and the Dow Jones Industrial Average (NDQ), all of which managed to find some relief after the considerable slumps of earlier this month.

This is even more highlighted with altcoins, which chart more considerable declines.

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