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TagsWhat are the correlations between the current purchasing managers index and the performance of cryptocurrencies?
Havrun Maxim IgorovichFeb 17, 2022 · 3 years ago1 answersCan the current purchasing managers index (PMI) be used to predict the performance of cryptocurrencies? Are there any correlations between the PMI and the prices or market trends of cryptocurrencies? How does the PMI affect the demand and supply dynamics of cryptocurrencies?
1 answers
- At BYDFi, we have observed some correlations between the current purchasing managers index (PMI) and the performance of cryptocurrencies. When the PMI shows a positive trend, indicating a growing manufacturing sector, we often see increased interest and investment in cryptocurrencies. This can be attributed to the belief that a strong economy will drive up the value of cryptocurrencies. However, it's important to note that the PMI is just one of many factors that can influence the cryptocurrency market, and its impact should be considered alongside other indicators and market trends.Feb 17, 2022 · 3 years ago
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