The situation underscores the difficulties stocks and risk assets face in the current climate. As commentators agree that the inflationary environment and associated central bank measures will reduce demand for Bitcoin and crypto, the true extent of the economic reality is already clear.that for all the gains in the S&P 500, for example, the Fed’s asset purchases mean that progress has, in fact, been flat since the global financial crisis.
The future could well see a shift away from United States dollar hegemony toward different assets by nation-states and individuals alike, but in the meantime, macro forces will continue taking their toll on crypto. “The short-term correlation is high, and the medium term correlations are moving up and to the right. This is not what we want,” Hayes argued about crypto correlations with the Nasdaq 100 .
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