A key investment case for bitcoin is deteriorating as geopolitical uncertainty and rising inflation hammer cryptocurrency prices.
. Bitcoin's price has increasingly been tracking moves in the stock market, with correlation between bitcoin and the S&P 500 steadily rising.
"This correlation shows that bitcoin is firmly behaving like a risk asset at the moment — not the safe haven it was touted to be a few years ago." "We're looking for Bitcoin to get back to 30,000 and then break below there and we continue to expect gold will make a new all-time high."." The last such occurrence of this took place during late 2017 and early 2018, when bitcoin plunged as much as 80% from then-record highs of close to $20,000.
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