correlation with long-term bonds has dropped to its lowest in the last year. This signals a significant shift in how the leading crypto asset is viewed and valued, IntotheBlock analyst Lucas Outumuro noted in a newled to a decline in both long-term bonds and BTC. The value of bonds fell due to a decline in yields, while BTC’s value plummeted to multi-year lows as investors generally avoided risky digital assets.
In support of his position, Outumuro assessed BTC’s Network Value to Transactions Ratio – a measure of the coin’s market capitalization to its on-chain transaction volume – and found that it hit an all-time high in September. The analyst opined that the surge in the coin’s NVT ratio signaled that BTC’s value is no longer solely based on its transactional utility.“In 2023, we have seen demand for Bitcoin pick up as the traditional finance system’s cracks become exposed. In March, as Silicon Valley Bank collapsed and the Fed intervened with the BTFP program, Bitcoin’s price rallied by over 20%.
At press time, BTC traded at $27,924, recording a 2% price uptick in the last 24 hours, according to data from While price continues to linger in a narrow range, accumulation outpaces distribution on a daily chart. At press time, the positive directional indicator stood at 27.83, positioned higher than the negative directional indicator at 9.17, suggesting that buyers’ strength exceeded that of the sellers’Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience.
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