Virtual asset market 'Uptober' depends on spot ETF inflows and U.S. stock market recovery
Summary
- The October virtual asset market upswing, 'Uptober', was said to depend on spot ETF fund inflows and the trend of the U.S. stock market.
- Bitcoin was said to have recently shown a high correlation of 92% with the Nasdaq index.
- It said a Bitcoin rally could resume with the corporate earnings season and a U.S. stock market recovery.
On the 15th (local time), crypto-focused media Cointelegraph reported that 'Uptober'—the October upswing in the virtual asset (cryptocurrency) market—is dependent on inflows into spot exchange-traded funds (ETFs) and the trend of the U.S. stock market.
The outlet said, "Bitcoin (BTC) has recently shown a high correlation of 92% with the Nasdaq index and has plunged together with the U.S. stock market when it falls," and added, "as the U.S. stock market rebounded earlier this week, Bitcoin also raised the possibility of recovery."
Jurrien Timmer, head of macroeconomics at asset manager Fidelity, said, "The current correction is similar to a temporary adjustment that appeared before the late-1990s U.S. stock market 'Super Bull' run," and "if the corporate earnings season gets underway in earnest and the stock market recovery continues, conditions could be created for the resumption of the Bitcoin rally."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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