What are the correlations between the Baltic Dry Index and the prices of cryptocurrencies?

1 answers

• Mar 23, 2022 · 3 years ago
  As an expert at BYDFi, I can tell you that there is no direct correlation between the Baltic Dry Index (BDI) and the prices of cryptocurrencies. The BDI measures the cost of shipping dry bulk commodities, while cryptocurrencies are digital assets. However, both the BDI and cryptocurrencies can be influenced by global economic factors. For example, if the BDI is high, it could indicate increased global trade and economic activity, which may lead to increased investor confidence in cryptocurrencies. But it's important to note that correlation does not imply causation. It's always a good idea to consider multiple factors when analyzing the market.
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