Is Bitcoin Still a Risk-on Asset?

While others argued against it, I feel In terms of specific events that may have led to increased downward pressure on the bitcoin price, some crypto enthusiasts have pointed to China’s Evergrande Group filing for bankruptcy. “Unrelated risk-on assets such as Bitcoin and cryptocurrencies are feeling the impact, said crypto trading platform PrimeXBT. While bitcoin is commonly referred to as “digital gold” and an aspirational hedge against economic turmoil, the reality is the crypto asset often falls along with other risk-on assets at times of uncertainty, as was the case at the beginning of the COVID-19 pandemic. That said, Coinshares views a potential full-blown economic crisis as a possible boon for Bitcoin. “While we consider a full financial meltdown unlikely, should it transpire, it might bolster Bitcoin, especially if the repercussions permeate the broader financial sector,”

But the week was not all rough, the regarding of Bitkeep wallet into BitgetWallet aims to deliver a more uniform visual presence as part of the Bitget ecosystem, Coinbase regulations approval for offering crypto futures trading in the U.S. ware a bright spot for the crypto markets this week.