Bitcoin is Geopolitical Hedge and Inflation Hedge! NOT!!!

Trading Cocktail February 24, 2022 Crypto, News Leave a comment 612 Views

Bitcoin is Geopolitical Hedge and Inflation Hedge! NOT!!! All red on the crypto landscape, discounting any and all nonsense claims about bitcoin being a geopolitical hedge, inflation hedge, or any other nonsensical moonbois sort of statements. BTCUSD reaching 20k is now within reachable target. The sell-off spread to cryptocurrency markets, pushing bitcoin below $35,000 for the first time in a month.

“Markets are now more adequately pricing in the risk of something horrific happening. That combined with the uncertainty is a horrible environment to be in. No one wants risk exposure when that’s floating around,” said Rob Carnell, head of Asia Pacific research at ING.

U.S. 10-year rates fell drastically to 1.8681 percent on Thursday because of imminent geopolitical worries, down from Wednesday’s finish of 1.977 percent. The yield on the two-year Treasury note also declined, from a closing of 1.6 percent to 1.5 percent.

The dollar surged more than half a percent against a basket of other major trade partners to 96.715 as a result of the worldwide rush to safety.

At $1.1220, the euro was down by 0.8 percent for the day.

After making modest gains early in the day, the Russian rouble plunged. On top of a 3% decline versus the dollar on Wednesday, it was last down 5.77 percent.

Here is our previously published new year prediction: https://www.tradingcocktail.com/bitcoin-prediction-update-the-withdrawal-symptoms/