Tuesday, June 6, 2023

New survey says Bitcoin is safer than the US dollar — Watch The Market Report


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On as we speak’s episode of The Market Report, analyst and author Marcel Pechman discusses if Bitcoin (BTC) is safer than the United States dollar, contemplating the U.S. authorities’s danger of defaulting on its debt. He additionally covers why Bitcoin’s $28,000 resistance is not going to be a stroll in the park and, lastly, what is taking place between Celsius, Ethereum and Lido staking. The present airs each Tuesday on the Cointelegraph Markets & Analysis YouTube channel.

The first news article covers a Bloomberg Markets survey displaying Bitcoin as a prime 3 asset in the occasion of a U.S. debt default. For Pechman, it is no shock that Bitcoin trumps fiat currencies in buyers’ picks, contemplating the central banks from the eurozone, Japan, Canada, England and Switzerland boosted their borrowing applications from the U.S. Federal Reserve in March 2023. There’s a excessive correlation to fiat currencies, placing the asset class at important danger if a U.S. debt default occurs.

Pechman predicts that buyers’ allocations in gold can be 10 occasions greater than Bitcoin’s as a result of the cryptocurrency’s decrease market capitalization and excessive volatility. On the constructive facet, 11% of retail buyers would add Bitcoin to their portfolio in the occasion of a authorities shutdown versus 46% for gold. What are the odds of Bitcoin breaking above $100,000 in the case of a authorities shutdown? No spoilers; examine the present.

On to the present’s subsequent matter: Pechman discusses why Bitcoin’s $28,000 resistance will likely prove stronger than expected. The current correction all the way down to $25,800 was in all probability attributable to excessive transaction charges, however Pechman explains that the community labored precisely as meant and excessive charges are the community’s protection in opposition to spamming.

The drawback holding again a fast restoration above $28,000 is skilled merchants’ positioning utilizing derivatives. Earlier than the occasion, whales and market makers had been already neutral-to-bearish.

In the ultimate a part of The Market Report, Pechman explains the $780 million Ether (ETH) movement from the Lido staking platform by Celsius — the failed crypto lending platform. Nobody is aware of if the Ether (ETH) will likely be offered at market and finally paid out in U.S. {dollars} to Celsius collectors. Don’t miss it! The present is accessible completely on the Cointelegraph Markets & Research YouTube channel.