So why in the past has the trend been that cryptocurrencies and U.S. stocks are positively correlated? When the U.S. stock market rises, cryptocurrencies rise as well, and the U.S. dollar is also positively correlated with U.S. stocks. When the dollar rises, both U.S. stocks and cryptocurrencies rise, and conversely, when the dollar falls, both cryptocurrencies and U.S. stocks fall, but gold rises... Safe-haven funds are flowing into gold instead of cryptocurrencies.