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TagsWhat is the correlation between CME Group natural gas settlements and cryptocurrency prices?
R PDec 24, 2021 · 3 years ago1 answersCan you explain the relationship between the natural gas settlements of CME Group and the prices of cryptocurrencies? How do these two seemingly unrelated factors affect each other?
1 answers
- 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.Dec 24, 2021 · 3 years ago
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