The article discusses the current state of the US manufacturing industry, Federal Reserve liquidity plans, and their impact on equities and cryptocurrencies. Despite weak US manufacturing data, strong corporate earnings, and Federal Reserve liquidity plans have helped keep equities and cryptocurrencies afloat. The total crypto market capitalization has risen by 8.5% since March. Cryptocurrency traders are concerned about the need for crypto to decouple from the stock market to establish digital assets as an independent class. There is a correlation between the intraday movements of Bitcoin and major altcoins with the S&P 500, despite trade war concerns dominating market sentiment. Stock market resilience is noted despite ongoing trade tensions, with the S&P 500 showing strength and responding positively to robust first-quarter earnings. The Federal Reserve's upcoming policy moves are being closely monitored, with potential asset purchases to ease selling pressure. The article emphasizes that it is inaccurate to suggest perfect synchrony between crypto and equity markets, especially over longer timeframes, despite short-term correlations. The narrative states that it is too early to determine a definitive bottom for the S&P 500 or declare the resolution of the trade war, and an economic recession could negatively affect both markets. The article concludes by noting that the elevated correlation between cryptocurrencies and stocks may currently be the most favorable scenario, given the reduced risk aversion among investors.