Bitcoin, the leading cryptocurrency by market capitalization, is becoming a macroeconomic asset. Expert Mike McGlone explains the impact of Bitcoin on global risk assets.
High Correlation with Stocks
McGlone noted that Bitcoin's 100-day correlation with the stock market has reached a record level. This underscores its influence on traditional financial markets. The currency shows a relationship with economic indicators, despite fluctuations due to current US inflation figures.
Bitcoin and Gold: A Shifting Dynamic
According to McGlone, Bitcoin is moving away from being viewed as a safe haven like gold. If it fails to stay above $100,000, investors might revert to gold, especially amid substantial investments in Bitcoin ETFs.
Impact on Economic Markets
Bitcoin's influence on traditional markets continues to grow. Analysts are closely monitoring its movements to assess the impact on risk assets and economic stability amidst growing interest in Bitcoin ETFs.
Bitcoin is increasingly integrated into macroeconomic analysis, and its impact on traditional markets becomes more significant. Investors and analysts closely watch its development to evaluate long-term economic consequences.
