1. Bitcoin rose 1.8% to $103,270, recovering from recent lows. 2. Ethereum, Solana, and XRP also saw significant gains. 3. Better-than-expected economic data spurred investor optimism in risk assets. 4. Speculation around a potential government shutdown resolution boosted markets. 5. Cryptocurrencies are rebounding after concerns over Federal Reserve policies.
Both Bitcoin and major altcoins are experiencing recovery following positive economic data. Historical parallels show that bullish sentiment in crypto can coincide with SPY gains, reflecting risk appetite.
The correlation between crypto market performance and SPY's risk-on environment suggests moderate to strong relevance. Positive economic indicators affecting risk assets can lead to bullish behavior in equity markets.
The immediate market response to economic data and shutdown resolution speculation is driving risk assets. While Ethereum and others are showing short-term upward trends, sustained impact depends on broader economic conditions.