One persistent, common myth about crypto may seem perfectly reasonable but doesn’t hold up when the data is analyzed, writes LVLewitinn: bitcoin ethereum
Crypto prices were crushed this past week and when such events happen, many seek out a culprit.
We’ve been noting that demand for bitcoin and ether was drying up . That answered the question “what?” but not “why?” One persistent, common myth about crypto may seem perfectly reasonable but doesn’t hold up when the data is analyzed. That myth is that cryptocurrencies trade closely with tech stocks and certainly more so than with the overall market.this theory is gaining tractionAt first blush, there’s a lot of reasons why that would make sense. Buying cryptocurrencies – not just bitcoin, but any of them – is a bet that the technology will be adopted by more users.
Thus, one would expect the new technology narrative to far outweigh the inflation hedge narrative, which is an integral part of bitcoin's origin story. Yet is that really the case?The favored proxy for the tech sector, the Nasdaq 100, is packed with giants in the space: Apple, Microsoft, Amazon, Meta , Tesla and Alphabet , which accounted for
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