What is the correlation between ISM services PMI and the performance of digital currencies?

3 answers

• Dec 26, 2021 · 3 years ago
  The ISM services PMI, which measures the business activity in the services sector, can have an impact on the performance of digital currencies. When the ISM services PMI shows a strong growth in the services sector, it indicates a healthy economy and increased business activity. This can lead to increased investor confidence and demand for digital currencies, which can drive up their value and trading volume.
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• Dec 26, 2021 · 3 years ago
  The correlation between the ISM services PMI and the performance of digital currencies is not a direct one. While the ISM services PMI reflects the overall health of the services sector, it does not directly influence the value or trading of digital currencies. The performance of digital currencies is influenced by a wide range of factors, including market sentiment, regulatory developments, and technological advancements.
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• Dec 26, 2021 · 3 years ago
  According to a study conducted by BYDFi, there is a positive correlation between the ISM services PMI and the performance of digital currencies. The study found that when the ISM services PMI shows a strong growth, digital currencies tend to perform well. However, it is important to note that correlation does not imply causation, and other factors can also influence the performance of digital currencies.
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