Loopring Soars 27% On GameStop News, Bitcoin Correlation To S&P Rises, ApeCoin (Up 1300%) Featured On CNBC

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Last Updated on 24 March 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Fifteen percent of the American population was already invested in Bitcoin (or other cryptocurrencies) by last summer. As 2022 is well underway, that number has only grown. With Bitcoin mining being firmly implanted as a new branch of industry as well, the sky seems to be the limit in the USA.

Because of this, it is no surprise that the correlation between Bitcoin and Wall Street’s major equity index, the S&P 500, has risen to its highest level since October 2020.

Meanwhile Loopring, the Metaverse coin favored since last year already by the WallStreetBets crowd (as Loopring entered into a partnership with their favorite investment vehicle Gamestop) saw a spectacular 27% rise after the platform announced that the beta version of GameStop’s NFT marketplace has gone live on Loopring L2.

Advertentie.

Fed and crypto

Arcane Research’s newsletter stated this week that:

Bitcoin’s correlation to the S&P 500 has only been higher for five days in BTC’s history, showing that the current correlation regime is unprecedented in BTC’s history.

Ever since Fed boss Jay Powell announced last week that borrowing costs in the US were to rise by 25 basis points, Bitcoin has seen a steady increase in it’s price point. Marc Chandler of Bannockburn Global Forex summarized it when he said:

I wish I could say that crypto is really responding to fundamentals like high inflation, but I think the chief fundamental here is the crypto is responding to the rise in equity prices.

What I am interested in is the change in bitcoin and change in Nasdaq and what you find is the correlation is over 60%.

ApeCoin keeps going

The NFT market seems smoking hot now that ApeCoin seems determined to reach it’s previous high again.

The coin that we told you about yesterday remains one of the best performers in the CoinMarketCap top 100 and is already up 1,300% in the past week. Even the MSM (mainstream media) has now discovered it. Yesterday financial channel CNBC did a piece on it which means ApeCoin is now introduced to Wall Street investors as well.