December 5, 2023

Bloomberg Report: Bitcoin becomes an independent asset

Bloomberg Report: Bitcoin becomes an independent asset

The past two years have been critical to understanding how major crypto assets operate andthe behavior of their market activity. The world's largest virtual asset, Bitcoin, was able to distance itself from stories about crypto bubbles, and although speculation still thrives on the market, other important factors are also taken into account when predicting the price of bitcoin.

A recent Bloomberg report showed that BTC is gradually reducing its dependence on various factors and assets, especially Tether, and becoming relatively independent.

2018 was a bearish period for the marketcryptocurrencies, while many believe that 2019 is a time of price recovery. This statement fully applies to bitcoin and is not at all confirmed by the price movement of altcoins.

“Our chart shows the crypto indexBloomberg Galaxy (BGCI), below the 25% bear market retracement mark. Key problems with most cryptocurrencies — rampant speculation and excessive volatility", — written in the report.

Attention in the document focuses on the fact thatAltcoin market has little chance of setting yet another price record. Most assets depend on bitcoin, which is increasingly acquiring the characteristics of gold.

The analysis says that BTC must retest its record high to trigger the rest of the market.