The increasing possibility of a global recession also risks putting downside pressure on Bitcoin, whose 100-week correlation with the Nasdaq reached its highest level of about 0.42%.
"Bitcoin could pace declines for risk assets — If the worst isn't over for risk assets, Bitcoin may lead the way lower,""Bitcoin is up about 70% in 2023 to May 2 vs. 20% for the stock index, and those are maybe bounces within broader bear markets. The Fed [is] still tightening in May, and [is] more inclined to stay the course unless risk assets fall to ease inflation, may portend a lose-lose."In the short term, there are little expectations from the U.S.
The market considers Berkshire Hathaway’s performance as a key indicator to gauge the U.S. economy’s health, given the firm’s holdings range from American railroad to electric utilities and retail businesses.
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Source: MarketWatch - 🏆 3. / 97 Read more »