Hey all,
This is why Bitcoin and Crypto are going down in my opinion. Bitcoin and equities are at record high correlation and equities are getting sold off in droves at the moment. This is due to rising inflation rates and the FED suggesting there will be another big rate hike in the coming weeks. This doesn’t give confidence to investors as the US is looking to try to slow the growth of the economy because of the massive rise in inflation. Investors are unfortunately looking at Bitcoin as a risk-on asset meaning it’s bundled with other risk-on assets such as tech stocks. I continue to DCA as I see Bitcoin as a hedge against inflation and not a risk-on asset. This again is short-term volatility and nothing has changed in the long term for Bitcoin.
Timestamps:
00:00 Overview
00:55 Price Overview
01:30 Correlation NASDAQ vs BTC
03:17 Bitcoin to $30k?
04:00 Inflation to get worse
05:05 Bonds Breaking Out
06:09 Final Thoughts