A crypto analyst believes that Bitcoin Remains a very risky-active that is linked to the shifts in the macro-economic landscape.
Emily Nicolle, a crypto reporter for Bloomberg, about Bitcoin when the firstborn cryptocurrency dropped 13% and went into bearing area. This can be due to macro -economic uncertainty and political factors.
‘Very risk-on-active’
Nicolle said in a Bloomberg TV interview That the current movement in Bitcoin is strongly correlated with the changes in the macro -economic landscape, adding that everything that happens on Wall Street can influence the cryptocurrency.
The Crypto reporter explained that investors can never take the impact of the macro environment on Bitcoin and say: “Everything that happens with shares that also knock on crypto.”
Nicolle described Bitcoin as ‘very risk-on assets’. “So if there is unrest in the S&P 500, you will also see that in Bitcoin. And that is certainly catapulting, “she added.
The analyst added that the Cryptocurrency sector has a rough period running through the macro -economic environment. “We had a 1.5 billion hack last week. We also had some unrest in terms of what is happening in politics, “she went on.
Only a little more than a week ago, the cryptocurrency was confronted with a setback After a Hackergroep stable in North Korea, an estimated $ 1.5 billion in Crypto from Bybit, which could be the largest cryptocurrency hacking in history.
“In terms of what people expect to see in the future, it is still very in the air about how Bitcoin could perform even today,” Nicolle said in the interview.
Political
Nicolle also noted that political uncertainty is another factor that drives Bitcoin in Bearish territory. President Donald Trump of the United States promised to settle Clear regulations About cryptocurrency, but these are not satisfied.
“Some things that Trump promised to do on the campaign track have not yet come to force and those are the kind of catalysts that we are looking for potential benefits for Bitcoin in the coming weeks, things like a strategic bitcoin reserve,” she explained.
The crypto analyst pointed out that the macro environment weighs very heavily on the Bitcoin’s potential. “If we don’t get any movement on that, if things don’t stand up anywhere else, Bitcoin will continue to fall,” she predicted.
Closely aware of $ 70k
Nicolle said that crypto traders keep a close eye on the $ 70,000, which is the crucial psychological and technical support zone.
“We all look at the $ 70,000 at the moment. So if it keeps falling, which is a bit to be expected in the current environment, then that is the next point we start thinking. That is where much of the risk happens, “she explained.
The analyst described Bitcoin as the “tide that lifts all boats”, so if it goes up, other cryptocurrencies also go up. “But those smaller cryptocurrencies are hit harder if there is tumult in markets. They are just much more volatile compared, “she added.
Featful image of Fairplanet, graph of TradingView
