To piggyback on this, the reason this is the case is that crypto has no intrinsic value. So when the market is up and investors have lots of money, they can throw money at crypto too, and crypto goes up. When the stock market goes down, people have less equity and they aren't going to sell real capital to buy crypto.
It's why rolexes and pokemon cards have been up too. People have so much money, they don't know what to do with it. When the market goes down, that's less the case. Fewer buyers and lower bids means price goes down.
To piggyback on this, the reason this is the case is that crypto has no intrinsic value. So when the market is up and investors have lots of money, they can throw money at crypto too, and crypto goes up. When the stock market goes down, people have less equity and they aren't going to sell real capital to buy crypto.
It's why rolexes and pokemon cards have been up too. People have so much money, they don't know what to do with it. When the market goes down, that's less the case. Fewer buyers and lower bids means price goes down.
@Speaker