ICYMI: Celsius turmoil is part of a broader macro picture, traders say
Crypto market volatility kicked up Monday following a withdrawal freeze announcement by lending platform Celsius.
Still, the broader macro-economic backdrop is likely what is in the driver's seat of the crypto market — not Celsius. As Goldman Sachs pointed out in a recent research note:"Surprisingly strong CPI data reaffirm our view that the Fed's battle with inflation has put a ceiling on equity valuations.""Despite the 18% YTD S&P 500 decline, equity valuations remain far from depress. The median S&P 500 constituent's P/E ratio of 18x ranks in the 87th percentile since 1976."
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