The latest crypto market research from Bloomberg Intelligence suggests that Bitcoin may start to behave more like United States (U.S.) Treasury bonds and gold, rather than stocks.
In its August Crypto Outlook report, penned by Senior Commodity Strategist Mike McGlone and Senior Market Structure Analyst Jamie Coutts, the research unit compared Bitcoin markets to those of gold, bonds, and oil.
The authors suggested that macroeconomic influences such as the Federal Reserve’s monetary policies have resulted in similarities in Treasury bond markets and Bitcoin:
“Tightening markets and plunging global growth support the Federal Reserve’s shift to a “meeting by meeting” bias in July, which may help pivot Bitcoin toward a directional tilt more like US Treasury bonds than stocks.”
They also added that a “dump-following-pump nature of commodities” and receding bond