No, Tech Stocks Aren’t Driving Crypto Prices

No, Tech Stocks Aren’t Driving Crypto Prices
Crypto prices were crushed this past week and when such events happen, many seek out a culprit.We’ve been noting that demand for bitcoin and ether was drying up (“Of course, this doesn’t mean muted markets can last forever, but in the coming days or weeks, one shouldn’t be surprised if prices drift south,” I warned in last week’s column). That answered the question “what?” but not “why?”One persistent, common myth about crypto may seem perfectly reasonable but doesn’t hold up when the data is analyzed. That myth is that cryptocurrencies trade closely with tech stocks and certainly more so than…