Opinion: The recent decline in the crypto market may be related to the panic selling caused by the transfer of BTC to settle debts Mt.Gox
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reported that Exness financial market strategist Inky Cho stated that the recent downturn in the cryptocurrency market may be related to the Mt.Gox debt settlement transferring BTC, causing selling panic, while Trump's comments about the upcoming economic recession have also impacted the stock and cryptocurrency markets. From a macro perspective, Bitcoin's correlation with Nasdaq remains around 40%. However, Bitcoin is diverging from ETH and other Altcoins, with Bitcoin acting more like a hedge against economic uncertainty and current US tariffs, while Altcoins, including Ethereum, remain tied to the Nasdaq market dominated by the tech industry and tech stocks. Additionally, in the long term, Bitcoin's role as a tariff hedging tool may strengthen, especially when tariffs trigger economic instability. (Samaa)
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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