What is the correlation between CME Group natural gas settlements and cryptocurrency prices?

1 answers

• Sat SachanDec 03, 2024 · 9 months ago
  At BYDFi, we have observed a potential correlation between CME Group natural gas settlements and cryptocurrency prices. Our analysis suggests that when natural gas settlements experience significant fluctuations, there is a corresponding impact on the prices of certain cryptocurrencies. This correlation can be attributed to the energy-intensive nature of cryptocurrency mining, as changes in the cost of energy can affect mining profitability. However, it's important to note that this correlation is not always consistent and can be influenced by other market factors. Therefore, it is crucial for investors and traders to consider a comprehensive range of factors when analyzing cryptocurrency prices.
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