S&P Global, a leading ratings agency, has released a paper investigating the potential link between crypto assets and traditional economies. Its conclusion is a definite “maybe”. The specifics are difficult to pin down because of "idiosyncratic phenomena" like the crypto winter, geography, and the industry's little existence.
Even while crypto assets and traditional assets have separate value propositions and performance drivers, the S&P report's introductory remarks make clear that the crypto ecosystem and macroeconomics are inextricably linked. S&P analysts collated the S&P Cryptocurrency Broad Digital Market Index (BDMI) with other financial indicators to discover the full extent of this dependency across these five dimensions.