For a long time, Bitcoin was positioned as the safe-haven asset by proponents, i.e., an asset whose value is anticipated to remain stable or increase throughout economic downturns, something on the lines of a bullion market.
However, during the bear market of 2022, BTC and Gold remained largely aloof while the correlation between U.S. entities and crypto reached all-time highs, prompting critics to challenge the ‘Digital Gold’ argument.But as evident, its relationship with equity markets weakened amidst a deepening banking crisis, prompting investors to dump bank stocks and explore crypto markets.CoinMarketCapThe yellow metal, too, made significant gains in the previous month.
Meanwhile, bullish sentiments for BTC gathered more strength as the number of coins held on the exchanges continued to decline. Falling exchange reserves are a strong indication of reduced selling pressure and growing optimism in the market.Source: CryptoQuantSubscribe to get it daily in your inbox.
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