Grayscale Report: Bitcoin Price Movements in Sync with Tech Stocks, Not Gold
PANews reported on February 11th that, according to Cryptopolitan, Grayscale, in its latest research report, pointed out that Bitcoin's recent price movements are highly correlated with tech stocks, rather than with safe-haven assets like gold. The report's analysis shows that Bitcoin's price has been closely linked to the performance of highly valued software company stocks over the past 12 months. When the market sold off tech stocks due to concerns about the impact of artificial intelligence on traditional software services, Bitcoin also fell. This suggests that investors currently view it more as a growth asset driven by market confidence and risk appetite, rather than as a "digital gold" capable of withstanding volatility.
Grayscale believes that while Bitcoin possesses long-term value storage characteristics such as limited supply and a decentralized network, compared to gold, which has a history of money spanning thousands of years, Bitcoin, with only 17 years of existence, is still in the early stages of proving itself as a global monetary asset. Recently, when gold and silver prices rose, Bitcoin did not follow the same trend; instead, it declined in tandem with other high-risk growth assets.
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Crypto execs met with US lawmakers to discuss Bitcoin reserve, market structure bills
Lawmakers in the US House of Representatives and Senate met with cryptocurrency industry leaders in three separate roundtable events this week. Members of the US Congress met with key figures in the cryptocurrency industry to discuss issues and potential laws related to the establishment of a strategic Bitcoin reserve and a market structure.On Tuesday, a group of lawmakers that included Alaska Representative Nick Begich and Ohio Senator Bernie Moreno met with Strategy co-founder Michael Saylor and others in a roundtable event regarding the BITCOIN Act, a bill to establish a strategic Bitcoin (BTC) reserve. The discussion was hosted by the advocacy organization Digital Chamber and its affiliates, the Digital Power Network and Bitcoin Treasury Council.“Legislators and the executives at yesterday’s roundtable agree, there is a need [for] a Strategic Bitcoin Reserve law to ensure its longevity for America’s financial future,” Hailey Miller, director of government affairs and public policy at Digital Power Network, told Cointelegraph. “Most attendees are looking for next steps, which may mean including the SBR within the broader policy frameworks already advancing.“Read more
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