Lưu trữ hàng tháng: Tháng sáu 2024

DeFi

Bitcoin lags behind stocks and bonds in Q2 2024

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Analysts have flagged that Bitcoin has failed to deliver in the second quarter of 2024, falling behind stocks and bonds in terms of performance.

According to Bloomberg, Bitcoin has underperformed compared to global equities, fixed income, and commodities this quarter. The flagship cryptocurrency has lost approximately 5% since the start of April through mid-June. 

After hitting a high of ,798 in March, attempts to rally back to the position have failed to materialize.

In the previous quarter, Bitcoin had soared 67% in the three months through March. Massively surpassing indexes of traditional assets.

One of the key reasons fuelling the move was the hype around the approval of US Bitcoin exchange-traded funds (ETFs). However, that enthusiasm seems to be fading, according to Noelle Acheson, author of the Crypto Is Macro Now newsletter.

Acheson believes the inflow of fresh funds into Bitcoin ETFs has slowed down. She attributed most of the recent inflows to existing Bitcoin holders, adding that “only new money will move the price.” 

Drawing in over billion to date, Bitcoin ETFs were one of the most coveted investment vehicles on Wall Street.

Strategists at JPMorgan Chase observed that there has been a rotation of funds from digital wallets on exchanges to the new ETF products. Keeping that in mind, they estimated this year’s net flow to crypto, including ETFs and other sources, at billion.

The estimation is a lot lower compared to the billion recorded in 2021 and billion in 2022.

With this, the strategists concluded that they remain “skeptical” about the pace of inflows continuing through the remainder of 2024.

Acheson further estimates that Bitcoin miners may have contributed to the cryptocurrency’s lackluster performance. 

Miners have been selling off their cryptocurrency holdings to stay afloat. With the April halving, there has been a considerable drop in profitability. The current halving slashed the block reward from 6.25 BTC to 3.125 BTC.

In May, crypto mining analytics firm Hashrate Index revealed that miners would face a “hefty upward difficulty adjustment,” in the coming months. Prior to that, research firm Kaiko had warned of impending selling pressure from miners.

“If miners were forced to sell even a fraction of their holdings over the coming month this would have a negative impact on markets,” the firm wrote back then.

Despite the slump in performance, some analysts remain bullish on Bitcoin. 

As reported by crypto.news, analyst CryptoCon has predicted a year-end price target of ,539 for the premiere crypto. Galaxy Digital’s Michael Novogratz speculates a similar range at 0,000.

Meanwhile, Ark Invest’s Cathie Wood has the most optimistic outlook, having pushed her long-term price target for Bitcoin higher to a whopping .8 million. 

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Theo Crypto News

Phân tích

Azalea’s MOTHER Token Could Slump Despite Magic Eden Integration

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Rapper Iggy Azalea’s MOTHER token is gaining traction among traders and speculators.

MOTHER token’s price has surged by over 2,900% from its all-time low, giving it a market cap of over 3 million. Rapper Iggy Azalea, best-known for singles like Fancy, Black Widow, and Work, has become the latest sensation in the crypto industry. 

This week, she hyped MOTHER, a token she hopes will become a leading cryptocurrency in the industry. As crypto.news reported earlier this week, she believes that the token will be used for commercial purposes like buying smartphones and cell plans. 

MOTHER has continued to gain traction. In an X post on Thursday, it was reported that the token will be integrated in Magic Eden, one of the top NFT marketplaces in the industry. This integration means that users will be able to buy NFTs in the ecosystem using the new token.

The token has also achieved other milestones in the past few weeks. Azalea hired Fenwick, a leading law firm to help compliance with the law and scaling. It has also been listed by several DEX and CEX platforms like Helix, Kamino, Bitget, and HTX.

Still, its popularity has raised questions about the future of celebrity-backed cryptocurrencies. Recently, Davido, a Nigerian singer launched a token that crashed after he cashed out. Caitlin Jenner’s token has also crashed.

At the same time, the number of similar tokens has soared. There are now many tokens targeting politicians like Joe Biden and Donald Trump. MAGA HAT and MAGAA tokens are taking advantage of the ongoing political season.

Some analysts believe that celebrities meme coins have become the new NFTs, an industry that has almost collapsed. Data by CryptoSlam shows that the total NFT sales have dived by double-digits in the past 30 days. Ethereum and Solana handled 8 million and million worth of tokes in this period, down by 52% and 46%, respectively.

MOTHER Token price forecast

On the hourly chart, we see that the MOTHER token price peaked at .2613 on June 6th. It has now dipped by more than 40% from that point. 

The token has formed a symmetrical triangle pattern, which is nearing its confluence level. It is also hovering at its 25-period and 50-period moving averages while the RSI has dropped below the neutral point of 50.

Therefore, the token’s outlook is bearish with a bearish bias. A drop below the lower side of the triangle will point to more weakness, with the next reference level to watch being at .10. This price is about 36% below the current level.

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Theo Crypto News

Altcoin

Gary Gensler: Ethereum ETFs likely approved by end of summer

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Spot Ethereum ETF supporters were handed a win during a Senate hearing, as SEC Chair Gary Gensler said applications were advancing. 

Speaking to a subcommittee of the Senate Appropriations Committee, U.S Securities and Exchange Commission (SEC) chair Gary Gensler hinted towards a full regulatory approval for spot Ether (ETH) ETFs could come by the end of September. 

Gensler said at the budget hearing on June 13 that the final batch of filings, known as S-1s or registration of securities, has reached staff review. The commission already approved proposed rule changes to list spot ETH ETFs, also called 19b-4, last month.

Although the agency’s top official confirmed that Ethereum ETFs will likely start trading soon, Gensler’s vague stance on Ether’s asset status continued. The SEC chair refused to categorically say whether the largest decentralized finance native token is a commodity or a security. 

Gensler’s counterpart at the Commodity Futures Trading Commission, Rostin Behnam, has adopted an opposing view. “Yes,” answered Behnam when asked if Ether should be classified as a commodity. 

While experts noted that issuers filed spot ETH ETF bids in a non-security manner, it remains unclear how U.S. regulators and policymakers will officially approach the asset. 

However, the removal of all staking language from applications suggests that Ethereum’s proof-of-stake (PoS) consensus mechanism is likely under SEC scrutiny. 

The securities agency has launched multiple enforcement actions and sent Wells Notices to Ethereum adjacent providers like Consensys and Uniswap, further solidifying Gensler’s view on the matter. Still, considering political shifts in recent months, inquiries into Ether’s underlying technology may also be dead in the water. 

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Theo Crypto News

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Injective price forecast: INJ chart points to a 46% jump

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Injective price has crawled back since mid-May as traders watch its ecosystem grow after announcing recent events.

The INJ token rose to and is hovering near its highest levels since April 12. It has rebounded by over 60% from its lowest swing in April. Injective, the financial-focused blockchain network backed by Mark Cuban, recently incorporated PYUSD, the stablecoin launched by PayPal. 

In a statement, the developers said that it had become the first layer-1 platform to support the 0 million stablecoin. This integration means that the token can be onboarded from Ethereum and Solana onto Solana. 

This integration was made possible by Wormhole, one of the biggest bridging network in the blockchain industry. 

Meanwhile, Mito Finance, an upcoming liquidity management platform on Injective, launched permissionless vaults. This launch means that users can create their vaults on Mito and start trading. Already, users have created the GME/INJ, ZIG/INJ, and NLT/INJ in the platform. 

Still, Injective’s ecosystem is still significantly smaller than some of its newest peers. According to DeFi Llama, the network has 17 DeFi applications with a total value locked (TVL) of over 9 million. The biggest players in the platform are Hydro Protocol, Dojoswap, Helix, and Neptune Finance.

In contrast, the recently launched Blast network has over .07 billion in assets while Base and Merlin have .68 billion and .17 billion in assets. 

Helix, the biggest DEX in the platform, has seen recent success. According to CoinMarketCap, the platform handled over 1 million in transactions in the past 12 hours, making it the 16th largest player in the industry.

A potential catalyst that could help Helix gain market share in the industry is the continued launch and popularity of meme coins. Recently, Solana meme coins like Bonk and Dogwifhat have helped Raydium, Orca, and Jupiter become top-5 DEX networks.

Injective price forecast

The INJ token bottomed at .66 in April and has now rebounded to over . It has jumped above the crucial resistance point at , its highest swing in April and May and the lowest point in January. 

The 25-day and 50-day moving averages have formed a bullish crossover while the Relative Strength Index (RSI) has formed an ascending channel shown in red.

Therefore, the token’s outlook is bullish, with the next reference level to watch being at , its highest point on January 9th. This forecast implies a 46% upside from the current level.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Phân tích

Crypto experts deliver exciting Bitcoin price forecasts

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Bitcoin price has remained in a tight range in the past few weeks. It peaked at ,935 last week, where it found substantial resistance. BTC was trading at ,000 on Thursday, down by about 8% below its highest point this year.

Analysts are bullish on Bitcoin

Cryptocurrency experts are increasingly bullish on Bitcoin prices. In April, Cathie Wood of Ark Invest upped her long-term price target to .8 million, making her one of the most bullish investment pros in the industry.

Most recently, Michael Novogratz, the billionaire founder of Galaxy Digital, said that Bitcoin will end the year at a more reasonable 0,000 level.

In an X post, another crypto expert named CryptoCon noted that the coin will end the year at ,539. 

Robert Kiyosaki of the Rich Dad, Poor Dad, noted that Bitcoin woud surge to 0,000 by the end of next summer.

The bullish case for Bitcoin

Analysts have mostly identified several bullish catalysts for Bitcoin. First, more institutions are buying Bitcoin as evidenced by the performance of the spot Bitcoin ETFs. These funds now hold over 880k coins valued at over billion. MicroStrategy is also seeking to add more Bitcoins. 

Second, Bitcoin supply growth has stalled because of the recent halving event. Most Bitcoin mining companies have reported a sharp drop in production. CleanSpark mined 417 coins in May, down from 721 in April.

Similarly, Riot Platforms mined 215 coins in May down from 375 in April while Marathon Digital produced 616 coins down from 850 in April.

At the same time, Bitcoin balances in exchanges have continued falling in the past few months. Therefore, a combination of rising demand and falling supplies is a sign that the coin could continue rising.

Third, the regulatory environment has become clearer in the United States, a move that could see large banks like JPMorgan and Goldman Sachs start offering custody solutions.

Additionally, Bitcoin seems like a better currency than the US dollar as its supply increases and US public debt explodes. Unlike the USD, which has one node and unlimited supply, Bitcoin is a decentralized network with a maximum supply limit of 21 million.

Bitcoin price forecast

BTC daily chart

Bitcoin’s daily chart is sending mixed signals. On the positive side, it has constantly remained above the 50-day and 100-day Exponential Moving Averages (EMA). It has also formed what looks like an inverse head and shoulders pattern, a popular bullish sign. This pattern means that the token will have a bullish breakout, to possibly k, if it moves above the year-to-date high.

On the other hand, Bitcoin has formed a small double-top pattern at ,000. In price action analysis, this is one of the most popular bearish signs in the market. A volume-supported drop below its neckline at ,672 will point to more downside to ,800 (March 20th low)

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Theo Crypto News

Phân tích

IOTA price outlook: is it a buy after the latest ecosystem news?

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IOTA price has crashed hard in the past few months even after the network made several important ecosystem news.

The token was trading at the psychologically important support at .20 on Thursday, down by over 52% from its highest point this year. It is also hovering near its lowest level since November last year. IOTA has made several important headlines this year.

On Thursday, the company said that its ID platform has been selected by the European Commission to take part in the European Blockchain Sandbox. 

The company’s ID solution will provide a seamless experience for Web3 identification. Users will start by going through a remote identification process with IDnow, a process that can be tokenized using walt.id and stored in their wallet. 

This token can then be recognized by Web3 dApps and other online services to confirm that users have been verified. The other partners in this sandbox are HAVN Network and Bloom, an all-in one wallet.

Just a few months ago, IOTA reported that it had become the first company in the industry to be registered with the Abu Dhabi Global Market. 

This announcement came a few days after IOTA launched its EVM platform after months of testing. With this EVM, developers will be able to build decentralised applications on IOTA’s network. 

Since the announcement, Pyth Network launched its oracles on IOTA’s network while LayerZero integrated with the platform. IOTA token has likely wavered because investors are concerned about whether it will be a successful network.

For example, data shows that ShimmerEVM, IOTA’s canary network, has attracted just 7 DeFi developers. It has a total value locked (TVL) of just .57 million. Also, the industry has become highly competitive with platforms like Base, Blast, and Arbitrum gaining market share. 

IOTA price forecast

IOTA’s token has also tumbled because of an overall poor sentiment in the crypto industry. Bitcoin has tumbled to ,000 while popular altcoins like Pepe and Bonk have fallen by double digits in the past two days.

On the daily chart, we see that the price of IOTA has tumbled hard from the year-to-date high of .4210 to .20. It is hovering near the 61.8% Fibonacci Retracement point and has moved below the 50-day and 25-day Exponential Moving Averages (EMA).

IOTA price is hovering above the crucial support at .1940, where it has failed to move below since April. Therefore, a drop below that level will be a sign that bears have prevailed, which could see it plunge to the psychological point at .15.

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Theo Crypto News

NFT

Teenage crypto executive slams “lazy” NFTs, forecasts “drastic changes” ahead

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The co-founder and chief technology officer at Untrading, Yale ReiSoleil, Jr., shared insights about the future of finance and blockchain technology in an exclusive interview with crypto.news.

At 16, ReiSoleil founded Untrading, a non-fungible token (NFT) and cryptocurrency trading platform that allows users to get future rewards on their sold assets. This is made possible through a technology outlined in an Ethereum Improvement Proposal called ERC-5173 — NFT Future Rewards (nFR), which he co-authored.

ReiSoleil says that his interest in coding and development stemmed from his love for video games, citing an interest in “discovering loopholes that would allow me to progress faster or unlock hidden features,” he says.

Here is the interview with the 17-year-old CTO of Untrading.

Q: We’ve seen major NFT collections drop 90% in today’s market — are NFTs on the way out?

A: NFTs are currently experiencing a market correction, much like the broader crypto market. The 90% drop in some major collections is a reflection of the speculative frenzy that drove prices to unsustainable levels during the peak of the hype cycle. However, this correction does not signal the end of NFTs as a technology or as a valuable asset class.

It’s important to recognize that the NFTs most people refer to are the speculative, often copycat, lazy, and childish cartoons that have flooded the market in recent times. These unimaginative imitations of earlier, category-creating projects like Cyberpunks and CryptoKitties have largely relied on the “greater fool” effect, hoping to find buyers willing to pay even higher prices. The demise of these low-effort “collections” is unsurprising and arguably necessary for the market to mature.

However, the NFT framework itself holds immense potential beyond these speculative projects. As the market evolves, we can expect to see a shift towards NFTs that offer tangible benefits, real-world use cases, and long-term value propositions.

Q: “The true power of NFTs lies in their ability to drive the convergence of virtual and real-world assets, enabling new forms of ownership, provenance, and value creation.”

A: As the underlying blockchain technology and smart contract capabilities continue to improve, NFTs will play a significant role in various industries. From gaming and art to supply chain management and intellectual property rights, NFTs have the potential to revolutionize how we create, own, and trade assets in the digital age.

Moreover, NFTs offer a unique opportunity to properly realize the value of provenance in asset ownership. By providing an immutable and transparent record of an asset’s history, origin, and ownership, NFTs can unlock new value streams and create more equitable marketplaces for creators and owners alike.

In conclusion, while the recent price drops in speculative NFT collections may seem alarming, they are a necessary step in the market’s maturation process. The demise of unimaginative copycat projects clears the way for the emergence of more sustainable and value-driven NFT ecosystems. As technology advances and awareness grows, NFTs are poised to play a significant role in shaping the future of asset ownership and value creation across the virtual and real world.

Q: How do you see the future of blockchain technology for mainstream use by 2030?

A: This is a tricky question as we will definitely see drastic changes in the coming years. Just look back 6–7 years and see how antiquated everything looked back then. This tech moves extremely fast, and any projections will most likely be absurd when looking in hindsight.

However, if I were to make some, I believe that the major improvement we should see is a drastically better User experience (UX) and onboarding. It is foolish to expect any person interested in using the blockchain to have to learn several complex concepts and navigate a minefield that could easily result in loss of funds/mistakes if not careful.

The current complexities surrounding this tech greatly hinder its mass adoption. However, it is still important for users to have control over their own keys and funds, and this is where Externally Owned Accounts (EOAs) and Account Abstraction will shine. Only once we have achieved ease of usage can we see a massive increase in usage, which would, in turn, make more people interested and lead to more innovation. It is a great positive feedback loop.

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Theo Crypto News

Bitcoin

MicroStrategy to buy more Bitcoin after raising $500m

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MicroStrategy is looking to offer 0 million worth of convertible senior notes, with proceeds used to purchase additional Bitcoin (BTC), the company announced on Thursday. Notes mature in 2032.

On Thursday, MicroStrategy revealed plans to offer qualified institutional buyers the opportunity to purchase unsecured convertible senior notes that will be due in 2032.

Stating that the private offering would be subject to market conditions and other factors, the company said these notes will bear interest payable semi-annually and in arrears every June 15 and December 15.

This will run until maturity on June 15, 2032, unless the notes are repurchased, redeemed or converted as per the offering’s terms.

MicroStrategy, could, subject to conditions, redeem for cash, all or some of the notes.

“Holders of the notes will have the right to require MicroStrategy to repurchase for cash all or any portion of their notes on June 15, 2029,” the US-based firm noted.

MicroStrategy will use proceeds to buy more Bitcoin

According to today’s announcement, notes are convertible into cash, shares of the company’s class A common stock, or a combination of the two.

The reference price in the calculation of the initial conversion will be the composite volume weighted average of MicroStrategy’s stock from 9:30 am through 4:00 pm EDT on the date of the pricing.

If the sale happens, MicroStrategy will use the net proceeds to buy more Bitcoin to add to the 214,400 BTC the company held as of April 30, 2024.

The company will also use these funds for other corporate purposes.

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Theo Crypto News

Bitcoin

Research analyst at Fineqia discusses the impact of spot ETFs on Bitcoin’s market dynamics

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Crypto.news recently sat down with Matteo Greco from Fineqia International to discuss the current state of the Bitcoin ETF market and what we can expect looking ahead.

Bitcoin has emerged as one of the top-performing assets of the past decade. 

It has transcended beyond its status as a lesser-known peer-to-peer payment system, catalyzing the creation of an entirely new asset class that now boasts a market capitalization exceeding trillion.

With the approval of 11 spot Bitcoin ETFs in January 2024, traditional investors now have an easier route to gain exposure to the flagship cryptocurrency.

These investment vehicles are reshaping the crypto sector, having pulled in billions in market capital. Besides legitimizing Bitcoin, these have also drawn substantial interest from institutional players.

Another factor that might impact the Bitcoin ETF sector is the potential approval of spot ethereum ETFs. Analysts expect these to capture 20% of the investment flows currently heading towards spot Bitcoin ETFs, further adding to the intrigue.

With these developments in place, the market remains a dynamic and unpredictable arena. The future of Bitcoin ETFs, while promising, is being shaped by a myriad of factors, including regulatory developments and macroeconomic trends. 

How might these influence the market dynamics of these investment vehicles? How could these impact the price of Bitcoin?

According to Greco, the inflows into Bitcoin ETFs are significant but not the sole factor influencing Bitcoin’s price.

Why does the substantial influx of capital into Bitcoin ETFs not correspond with an equivalent rise in Bitcoin’s market price?

There are several factors that can drive the price up and down, including supply and demand, liquidity, and leverage. It’s not as simple as a single-factor correlation for price action. However, it is incorrect to say that the inflow did not sustain positive price action. When the BTC ETFs were approved on January 10th, the price of BTC was about ,000. Currently, BTC has been ranging between ,000 and ,000 for weeks, indicating a 40% – 50% price increase post-approval. At the time of the approval, BTC’s total market cap was about 0 billion, and now, with BTC at ,000, it is about .3 trillion. This represents a 0 billion increase in total market cap, while BTC ETFs saw around billion in net inflow. This means BTC’s market cap growth has been 25 times the amount of net inflow into the BTC Spot ETFs. This demonstrates that the impact of the approval and trading of these products has been substantial, extending beyond direct inflow into these financial products. It has helped sustain demand for the asset due to positive sentiment and mid-term expectations about Bitcoin and the digital assets space in general.

Could the potential approval of an Ethereum ETF significantly alter the investment landscape for Bitcoin ETFs?

Bitcoin (BTC) and Ethereum (ETH) are fundamentally different assets with distinct intrinsic characteristics. Bitcoin uses a Proof-of-Work consensus mechanism, which relies on miners, while Ethereum, like most digital assets, employs Proof-of-Stake, which does not require computational power to confirm transactions. This mechanism allows ETH and many other digital assets to offer staking rewards to investors, similar to dividends in traditional finance. BTC, however, does not have built-in staking rewards and, as a result, has different characteristics and cannot be classified as a security. Given the differing characteristics and use cases of these two major digital assets, I do not anticipate outflows from BTC ETFs moving into ETH ETFs. Instead, I expect net inflows for ETH ETFs as they represent a distinct asset that new investors, or those who have already invested in BTC ETFs, might also want to gain exposure to.

⁠What impact might the introduction of an Ethereum ETF have on Bitcoin’s status as the premiere cryptocurrency?

BTC was the most prominent cryptocurrency before the ETFs were approved and will remain so after both BTC and ETH ETFs are approved. If BTC ever loses its dominance, it will take considerable time for ETH to surpass BTC in market cap. It will be interesting to observe traditional finance’s appetite for ETH as an asset. For comparison, BTC attracted about billion in net inflows during Q1 and Q2, assuming quite neutral flows for the remaining three weeks of Q2 for a matter of simplicity. ETH’s market cap is about one-third of BTC’s, so proportionally, it should attract around billion in the six months post-launch to match BTC’s level. Higher inflows would indicate more enthusiasm for ETH, and lower inflows would suggest the opposite. While it’s challenging to make direct comparisons due to differing market sentiments at the time of launch, this serves as a useful index for mid-term analysis.

Are traditional asset ETFs, such as those for gold, influencing the market dynamics of Bitcoin?

I would look at it from the opposite perspective. Traditional asset ETFs have been trading for a long time, and the introduction of digital asset ETFs into the market represents increased competition. For instance, the impact of BTC ETFs has been significantly stronger compared to the introduction of the first gold ETF in 2004. This indicates that investors have a definite appetite for digital assets, meaning that a portion of the allocation previously reserved exclusively for traditional financial assets is now being directed towards digital asset ETFs.

Regarding the influence of the BTC Spot ETFs in the market, these products undoubtedly bolster the global recognition of BTC. With some of the most significant traditional finance businesses issuing and/or holding BTC, this leads to increased liquidity, enhanced safety, and reduced spreads and commissions for investors and traders.

With the launch of ETFs has Bitcoin generated sufficient institutional and retail interest to sustain its proposed role as an inflation hedge?

I would not limit BTC to being classified solely as an inflation hedge. While BTC can serve as an inflation hedge over long time frames, it is not a safe hedge in the short term due to its high volatility. BTC has attracted strong institutional and retail interest for a variety of use cases, which highlights its versatility. Being entirely decentralized, without a CEO or board, investors can purchase and trade BTC based on their preferred use case. Some people buy and hold BTC as a long-term investment or inflation hedge. In countries with hyperinflation, people might use BTC as a short-term inflation hedge. Others see it as a speculative investment, while some appreciate its decentralized nature and the idea of a currency not issued by central governments. It’s incorrect to pigeonhole BTC into a single category. Bitcoin is an asset that can be used for various purposes depending on individual circumstances and preferences, and its overall adoption is increasing worldwide.

Would you classify Bitcoin as a traditional investment hedge like gold?

At the current stage, I would classify BTC more as an investment, similar to stocks, due to its high volatility rather than an inflation hedge like gold or bonds during periods of high interest rates. In my view, an inflation hedge should primarily offer high stability and serve as an alternative to fiat money—something stable and liquid that can be easily used to pay for services and quickly converted to cash in an emergency. BTC falls short in this regard because its value can vary dramatically depending on market conditions, which means converting BTC to fiat could result in significant losses if done at an unfavorable time.

What does this mean for Bitcoin?

While BTC can serve as a long-term inflation hedge and a means to increase purchasing power, it cannot be defined as an inflation hedge by default. For instance, during the past bear market, BTC experienced its biggest drawdowns coinciding with peaks in inflation and interest rate hikes. Conversely, BTC began performing well again when central banks stopped raising interest rates as inflation decreased. If BTC were a short-term inflation hedge, it would have behaved oppositely, rising during high inflation and macroeconomic uncertainty and slowing down when inflation decreased and interest rates stabilized. This pattern indicates that BTC is currently traded more as a risk-on asset, similar to stocks, rather than a short-term inflation hedge. As mentioned earlier, BTC’s decentralized nature means investors can define its function in the market. Presently, the majority of investors perceive BTC as a risk-on asset and trade it accordingly.

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Theo Crypto News