Here’s how the new Covid variant is turning Bitcoin into a traditional asset
Bitcoin has been seeing a price downtrend since it touched a record peak of $69,000 earlier this month. However, BTC rose over $57,000 after a sluggish week, recording around 5% gains in the last 24 hours.
It is noteworthy, that Bitcoin didn’t support the broader market weakness as sentiments dampened amid news of a new covid variant.
In this regard, Ross Mayfield, Baird’s investment strategist told Bloomberg,
“The evolving debate on what kind of asset crypto and Bitcoin will prove to be, whether it’s an inflation hedge and volatility hedge, or whether it’s just like a high beta risk asset are still in flux.”
Avil Felman of BlockTower noted in a recent interview that the BTC-market correlation has changed with more hedge funds and institutional
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