Is Bitcoin entering a new era? The latest crypto market research from Bloomberg Intelligence suggested that BTC may start to behave more like United States Treasury bonds and gold, rather than stocks.
Treasury bonds, often called T-Bonds, are long-term government debt securities issued by the U.S. Treasury Department. They have a fixed rate of return and maturity periods ranging from 20 to 30 years.
The report noted that crypto markets reached their greatest-ever discount compared to the 100-week moving average in July. It added that it is “abnormal for Bitcoin to hold much below its 200-week moving average.” BTC is currently trading up 1.2% on the day at $23,1502 at the time of writing, having just reclaimed the 200-week moving average, which lies at $22,827.
The analysts said that the fact that BTC was 70% below its peak at the start of August but still five times higher than its March 2020 low “shows its potential.”, similar to the $5,000 level in 2018-19.The researchers concluded that Bitcoin had been one of the best-performing assets since its inception about a decade ago, adding:
“We think more of the same is ahead, particularly as it may be transitioning toward global collateral, with results more aligned with Treasury bonds or gold.” Coinbase research carried out in July indicates that the risk profile of the crypto asset class is similar to that of
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