ICYMI: Bitcoin and other cryptocurrencies 'are not immune' to the Fed's quantitative tightening policy, according to Goldman Sachs $BTC BTC
has always been enticing for the cryptocurrency community, it has some downsides.
In a recent research note, a group of Goldman Sachs analysts helmed by Zach Pandl writes that the flagship cryptocurrency's increasing presence in the traditional financial sector has made it increasingly susceptible to macroeconomic factors. This means that the crypto market is now beholden to the monetary policy of the Federal Reserve, which diminishes the asset's supposed diversification properties.
Earlier this month, the correlation between Bitcoin and the Nasdaq Composite index reached a new all-time high, with both cryptocurrencies and stocks enduring a major sell-off. The analysts attribute this phenomenon to the growing mainstream acceptance of cryptocurrencies: Over the last two years, as Bitcoin has seen wider mainstream adoption, its correlation with macro assets has picked up.
As Goldman points out, Bitcoin and other cryptocurrencies"are not immune" to the Fed's quantitative tightening policy.
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