Bitcoin remains “surprisingly robust” relative to the equity market, according to Glassnode.
Bitcoin headed lower Tuesday, a day before the Federal Reserve is expected to raise its benchmark interest rate by 50 basis points and start unwinding its almost $9 trillion balance sheet.
Though bitcoin posted a greater loss, it remains “surprisingly robust” relative to the equity market, according to on-chain crypto data provider Glassnode. Bitcoin has been trading in the range of $36,000 to $48,000 since the start of this year, still much higher than the low of $28,825 in the summer of 2021. However, the Nasdaq Composite closed at 12,334 on April 29, the lowest level since November 2020.
“My guess is that 50bps is not going to be the trigger, because we’ve all seen this coming. Instead, any longer-term forecasts from Powell — namely anything that signals that inflation is already pulling back and that the Fed might take an easier stance on future hikes — could have a more significant impact,” Chaibi said.
‘Flight to safety’? The crypto market has seen a “flight to safety” within the space, as participants sell smaller coins for bitcoin, the largest cryptocurrency by market capitalization.
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