“Cryptocurrency prices fell in line with stock indices. This occurred despite the fact that ‘cryptos’ are seen as a gold-style safe haven asset and a hedge against inflation.” Aslam stated. In fact, this Monday there were analysts who explained that these falls reflect that Bitcoin is not really a safe haven or a hedge against inflation.
“Nobody has a crystal ball to say what will happen to Bitcoin in the next month, but one thing is certain: the last two weeks have helped us to discard the idea that it is a safe asset and that it is a hedge against inflation. Bitcoin is a very high risk asset, and it is not a proven hedge against inflation, “stated Ipek Ozkardeskaya, senior analyst at Swissquote.
The leading cryptocurrency marked a minimum of $ 42,000 on Saturday after falling 20% in 24 hours. Ethereum also plunged 16% between Friday and Saturday, marking a low of $ 3,500.
After the falls of the weekend, investor sentiment has improved again and the “cryptos” have recovered to the sound of the rises in the bags, insist from AvaTrade. “Like (indices), the price of bitcoin has also been able to surpass $ 50,000, which is very encouraging for the blockchain space as we approach the end of 2021,” stated the expert.
Source From: Ambito
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