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Market Uncertainty and Decelerating Liquidity Heavily Weighing on Bitcoin

FOREX
  • The sharp tightening in financial conditions combined with the risk off environment have been weighing on risky assets, particularly cryptocurrencies.
  • Bitcoin broke below the 20,000 key support in June and is down over 70% since its peak reached in November 2021.
  • We previously saw that Bitcoin (and the crypto class in general) has historically been extremely sensitive to high-volatility regimes, and returns have become increasingly correlated to tech equities (chart below).

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  • The sharp tightening in financial conditions combined with the risk off environment have been weighing on risky assets, particularly cryptocurrencies.
  • Bitcoin broke below the 20,000 key support in June and is down over 70% since its peak reached in November 2021.
  • We previously saw that Bitcoin (and the crypto class in general) has historically been extremely sensitive to high-volatility regimes, and returns have become increasingly correlated to tech equities (chart below).

Keep reading...Show less