August 14, 2022

Bloomberg Report: Bitcoin becomes an independent asset

Bloomberg Report: Bitcoin becomes an independent asset

The past two years have been crucial for understanding the working principles of the main crypto assets and the 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 decreasing 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 a crypto indexBloomberg Galaxy (BGCI), below 25% bearish market recovery. The key problems with most cryptocurrencies are rampant speculation and excessive volatility, ”the report says.

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.