Bitcoin
$94,575.29
is starting to show signs that it can act as a safe place for value during periods of market stress, according to New York Digital Investment Group (NYDIG).
In an April 25 note, Greg Cipolaro, head of research at NYDIG, said Bitcoin’s behavior over the past week stood out compared to usual trading patterns.
While the S&P 500 and Nasdaq have weakened, Bitcoin has gained around 13% since the start of April. At the same time, the US dollar and long-term Treasury bonds have not performed strongly.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What is Litecoin? LTC Easily Explained (ANIMATED)
Cipolaro pointed out that Bitcoin often behaved like a high-risk tech investment. However, it has recently acted more like a store of value, separate from traditional assets.
He noted that although this change is still early and could be temporary, it has been noticeable to those following crypto markets closely.
However, there are still only a few large and liquid options for investors moving away from traditional financial systems. Gold remains the biggest, with a market value of around $22 trillion. Bitcoin’s market size is much smaller, at about $1.8 trillion.
NYDIG also noted that among the major digital assets, Bitcoin is one of the few focused only on storing value, while many others are tied to running decentralized applications.
Saifedean Ammous, an economist and author, explained what would happen to Bitcoin if Michael Saylor’s company, Strategy, owned nearly half of it. What did he say? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
