Down 14% in the last month. Still way above its actual value (0) but headed in that direction.
I’m guessing cost of living is driving a lot of hodlers to liquidate. You have to imagine most of the money in this thing is institutional though so maybe it won’t matter that much.
Inflation is driving the cost of commodities up but BTC seems to move in the opposite direction. This is meaningful bc the value prop of BTC as an inflation hedge would suggest the opposite, and BTC overweight portfolios will underperform the diversified commodities basket. If this persists it’s only matter of time before we also see some institutional unwinding
I don’t follow that market super closely but it’s interesting nonetheless. It seems these big corrections happen from time to time as well so could just be more of the same. Still one wonders if we are starting to see some structural covariance.
Trump was talking about making a Strategic Reserve for Bitcoin during his reelection campaign. The US is already a major holder of Bitcoin just from asset forfeiture, but they were talking about having the US government explicitly invest in bitcoin for the treasury.
So no its not a proper bailout but it is effectively a way to bail out the Bitcoin market by buying any major dips. Think of the the US buying up oil when its price went negative.