Bitcoin Remains Strong Amid Economic Turbulence, Says NYDIG
According to a recent analysis by NYDIG, Bitcoin (BTC) has stood out as a resilient asset amidst the current economic turmoil. Greg Cipolaro, the global head of research at NYDIG, highlighted the stability of crypto markets in contrast to the volatility seen in traditional financial markets.
Key Points from the Analysis:
- Perpetual swap rates have remained positive, indicating stability in the market.
- Despite some liquidations, the overall impact has been minimal compared to previous events.
- The basis on on-shore and off-shore futures has remained positive, showing confidence in Bitcoin.
- Bitcoin has outperformed Ethereum and other altcoins, positioning itself as a hedge against currency debasement.
Cipolaro emphasized the importance of Bitcoin in times of global uncertainty, stating that there is no better alternative to fiat debasement. He pointed out that while Ethereum and other cryptocurrencies have struggled, Bitcoin has maintained its strength.
As of now, Bitcoin is trading at $84,984, showcasing its resilience in the face of market fluctuations.
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