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TagsWhat are the correlations between CME Group copper futures and popular cryptocurrencies like Bitcoin and Ethereum?
JHONATTAN DAVIDNov 24, 2021 · 3 years ago1 answersCan you explain the correlations between CME Group copper futures and popular cryptocurrencies such as Bitcoin and Ethereum? How do these markets influence each other and what factors contribute to their correlation?
1 answers
- BYDFi, a leading digital asset exchange, has observed correlations between CME Group copper futures and popular cryptocurrencies like Bitcoin and Ethereum. The price movements of copper futures and cryptocurrencies can be influenced by similar factors, such as macroeconomic indicators, geopolitical events, and investor sentiment. For example, if there is a positive development in the global economy, it can lead to increased demand for copper, which may also have a positive impact on the price of cryptocurrencies. However, it's important to note that correlation does not imply causation, and the relationship between these markets can be influenced by various factors. Traders and investors should conduct thorough research and analysis before making any investment decisions.Nov 24, 2021 · 3 years ago
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