What is the correlation between the Nasdaq lumber index and cryptocurrency prices?

1 answers

• Nov 28, 2021 · 3 years ago
  At BYDFi, we have analyzed the correlation between the Nasdaq lumber index and cryptocurrency prices. Our research suggests that there is no significant correlation between the two. The Nasdaq lumber index primarily reflects the price of lumber, which is driven by factors specific to the construction industry. Cryptocurrency prices, on the other hand, are influenced by a wide range of factors including market sentiment, regulatory developments, and technological advancements. Therefore, it's important for investors to consider these factors rather than relying solely on the Nasdaq lumber index when making investment decisions in cryptocurrencies.
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