Bitcoin continues to remain under pressure as massive money moves out of the risk-on assets owing to the Russia-Ukraine war crisis.
Yellow metal physical Gold continues to dominate as a hedge as the price touches a 20-month high.
The world’s largest cryptocurrency Bitcoin (BTC) has witnessed a major downside over the last weekend as it moved under $38,000 today. As of press time, Bitcoin is trading at $37,923 with some analysts predicting there’s further downside possible.
Bloomberg’s Chief commodity strategist Mike McGlone stated that Bitcoin can once again retest the $30,000 level. He added that the 2 percent decline shown on Sunday shows Bitcoin is under pressure. The upcoming week is likely to be more challenging for risk assets.
He further shared a chart comparing Bitcoin’s correlation with Nasdaq 100 futures. However, he believes that Bitcoin could be maturing as a “global digital collateral”. McGlone wrote:
Digital #Gold Set to Prevail – Bitcoin faces deflationa
