THE CRYPTOVERSE-Teenage bitcoin throws an interest rate tantrum

Illumination of the stock graph is seen on the representations of virtual currency Bitcoin in this picture illustration taken - Bitcoin is growing up. The original cryptocurrency turns 13 this year and is showing signs of becoming a more mature financial asset - but watch out for the teenage tantrums.

By contrast, that coefficient was just 0.01 in 2017-2019, according to an International Monetary Fund analysis published this month. On top of this, there was bumper buying from the corporate likes of Tesla and MicroStrategy, plus hedge funds adding crypto to their portfolios. IMF researchers said that bitcoin's increasing correlation with stocks limited its "perceived risk diversification benefits and raises the risk of contagion across financial markets".

Jeff Dorman, CIO at digital asset management firm Arca in Los Angeles, added: "It is also a tad ironic given that the bull case for many digital assets in spring 2020 was expectations for higher inflation. Now that we actually have inflation, it is weighing on prices." Meanwhile funding rates for perpetual swaps across major exchanges - indicative of sentiment among investors betting on bitcoin's future price movements - were fairly flat, hovering around 0.01%, as per data platform Coinglass.

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THE CRYPTOVERSE-Teenage bitcoin throws an interest rate tantrumBitcoin is growing up. The original cryptocurrency turns 13 this year and is showing signs of becoming a more mature financial asset - but watch out for the teenage tantrums.This drift towards the mainstream, driven by the big bets of institutional investors, has seen bitcoin become sensitive to interest this is the worst headline ive ever read
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