Is Bitcoin Still a Store of Value?
It depends on what you’re trying to protect that value from. Day-to-day market volatility, no. Confiscation or monetary inflation, maybe.
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Bitcoin Price
It depends on what you’re trying to protect that value from. Day-to-day market volatility, no. Confiscation or monetary inflation, maybe.
The latest price moves in bitcoin (BTC) and crypto markets in context for Aug 5, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
The price action happened as Iran’s leadership reportedly ordered retaliatory attacks against Israel, increasing concerns about a broader conflict in the Middle East.
Analyzing previous crypto market cycles helps us understand the current one, says Kelly Ye, head of research at Decentral Park Capital.
Bitcoin is benefiting from massive economic imbalances, rising distrust in institutions, fiscal recklessness and mounting debt burden, VanEck’s Matthew Sigel said in an interview.
Solana’s SOL and Ripple’s XRP were notable outperformers.
Traders could be forgiven for wanting to cash in after bitcoin’s {{BTC}} quick rise of more than 20% to the current $67,000 from its early July lows, but another possibly major positive catalyst might be just days away, said 10x Research founder Markus Thielen.
Friday’s crypto rally defied past days’ correlation with U.S equities, which continued their losing streak.
As the odds for Joe Biden pulling out of the presidential race soared over the past day, the chances of a victory for the now crypto-friendly Donald Trump slumped.
A stock market correction is the biggest risk for the crypto market, but a renewed downturn would be a buying opportunity, an LMAX Group strategist said.