What is the correlation between steel price futures and cryptocurrency?

1 answers

• Dec 25, 2021 · 3 years ago
  At BYDFi, we believe that the correlation between steel price futures and cryptocurrency is minimal. While both markets can be influenced by similar economic factors, they operate in different spheres and have distinct dynamics. Steel price futures are primarily driven by supply and demand factors in the steel industry, while cryptocurrency prices are influenced by factors such as market sentiment, technological developments, and regulatory changes. While there may be some indirect correlation between the two markets due to broader economic trends, it is unlikely to be significant. It's important to approach the correlation between steel price futures and cryptocurrency with caution and conduct thorough analysis before making any investment decisions.
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