Cryptocurrencies were among the hardest assets hit this morning as bitcoin slid 15% toward its worst day since June 2022.
The turmoil has investors wondering, once again: what happened to the narrative that bitcoin is a store of value, and a hedge against uncertainty?
For short- and even medium-term traders it may not be, since it trades so closely with risk assets.
"That's, in a way, why [it] tends to have a more solid floor than other risk assets like equities … because of the diversity of their narrative."
Before this weekend bitcoin was supported by a strong floor of about $55,000 and has struggled to break through its $70,000 ceiling.
Persons:
bitcoin, Bitcoin, it's, Noelle Acheson
Organizations:
Dow Jones, Nasdaq, CNBC, Marathon