The Biden administration calls on Congress to “step up its efforts” on crypto regulation. $BTC gained 0.4% to trade at $23,100. $ETH was trading up 0.2% to $1,600. Equities closed up after Friday’s PCE report. _jocelynyang_
By Glenn Williams Jr.
Markets next week will be eyeing the Federal Open Market Committee interest rate decision, largely expected to be a 25 basis point increase BTC’s correlation with the S&P 500 has waned slightly over the last week, declining to 0.69 from 0.89 on Jan 11. Its correlation with the tech-heavy Nasdaq Composite remains elevated at 0.89, underscoring the “bitcoin trades like a high-beta tech stock” narrative.The SSR measures the ratio between the supplies of bitcoin and stablecoins.
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