.BankofAmerica claims that the number of its clients with crypto exposure has more than halved since November
David Tinsley's Bank of America claims that the collapse of the Terra stablecoin precipitated the market correction., some analysts expect that the largest cryptocurrency will remain under pressure due to the Federal Reserve's hawkish monetary policy that is meant to bring down inflation.
Earlier today, Bitcoin slipped to $19,281 after recovering to $20,440, the highest level since July 1.Risk assets such as Bitcoin tend to severely underperform when the greenback undergoes major rallies. As, veteran trader Peter Brandt correctly noted that the U.S. dollar was in the middle of a major upside breakout last week.
Unlike some other U.S.-based American banking institutions, Bank of America is yet to dip its toes into crypto services. In awith Yahoo! Finance, CEO Brian T. Moynihan clarified that he did not feel like the banking giant was missing out on"anything." In May, Bank of America's research arm concluded that Bitcoin cannot serve as a portfolio diversifier after it failed as an inflation hedge due to its high correlation with stocks.
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