Below 5% since President Trump’s announcement on Wednesday night sent the sunken markets, Bitcoin (BTC) once again is disappointing Bulls that promoted its properties of the value or potential store as a safe refuge not correlated for risk assets such as actions.
Or not.
“This moment feels like a turning point,” said Joel Kruger, Lmax Group Market strategist. “We see market participants increasingly attracted to [BTC’s] Appeal as an asset of the value store and a convincing diversification tool in the middle of uncertainty. “
Kruger said that although Nasdaq and S&P 500 have fallen to new 2025, Bitcoin at the moment remains well above its end of $ 75,000, which technicians like to call “higher minimums.”
But Javier RodrÃguez Alarcon, commercial director of Crypto Exchange Xbto, believes otherwise.
“Despite the conversation that Bitcoin could act as a coverage against dollar -centered volatility, in practice we are still seeing a strong correlation between digital assets and broader risk markets at times of uncertainty,” said former Goldman Sachs executive in an email.
Gold is still the preferred safe shelter in JPMorgan
“The volatility and correlation of Bitcoin with actions raised questions about his ‘digital gold’ narrative,” said Nikolaos Panigirtzoglou and JPMorgan team yesterday. “We see that gold continues to increase as the main beneficiary of degradation trade,” they added.
Even with the recent Bitcoin setback, the price is still above the estimated average cost of the production bank of $ 62,000, a metric that has acted as a lower limit in the past, wrote Panigirtzoglou.
Gold today is lower in just 1.25% at $ 3,126 per ounce and the view of its record of around $ 3,200.
