Bitcoin is likely to fare worse than other assets in the coming months because it has no fundamental worth, an investment research firm said in a note on Thursday.
London based Capital Economics explained that the cryptocurrency has been quite closely correlated to S&P 500 since the price started to fall from it's high record at the end of the last year.
But the correlation has been coincidental and related to specific factors. For bitcoin, the recent fall in the value has been due to plethora of factors including rising concern over regulation, a ban on cryptocurrency advertising from major internet platforms and some banks banning customers from buying it via credit cards.
Stocks meanwhile have been hit thanks to concerns over a US-China trade war and potentially slowing growth.
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As a result, the research house said that while stocks are likely to fall further this year, bitcoin will be worse off.
Bitcoin rose to a record high above above $19,000 toward the end of the year, but has since fallen dramatically and was trading around $6,800 mark on Thursday, according to date from industry website CoinDesk.
Source: CNBC
Bitcoin is the monument to the decentralized world. It will always exist, the present may be bad but its tendency is unstoppable
Yeah But the way it's going down is really a matter of concern for investors.
If the whales don't sell you don't sell. That's how I think of it mainly because I wont loose millions lol
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