Bitcoin (BTC) and ether (ETH) were little changed in the last 24 hours, amid signs that major cryptos are correlating with U.S. equities. The threat of higher rates for a longer period took hold throughout financial markets, which generally negatively impacts riskier assets. “The positive correlation between cryptocurrencies and the stock market is temporarily back on track,” shared Alex Kuptsikevich, the FxPro senior market analyst, in a note to CoinDesk. “Despite the storm in the equity markets, the crypto market remains subdued, losing only 0.3% in 24 hours to $1.045 trillion.” Crypto markets slumped 0.5%, the CoinDesk Markets Index (CMI), a broad-based tracker of hundreds of tokens, shows. This mirrored a drop in the U.S. markets on Tuesday – with the S&P 500 losing 1.5%, the Dow Jones Index falling 1.1% and the tech-heavy Nasdaq 100 ending the day 1.4% lower.

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