‘Bitcoin Is Orthogonal to Monetary and Macroeconomic News’ Claims NY Fed Report
Bitcoin, cryptocurrency’s flagship coin has been a grey area in relation to both monetary and macroeconomic factors. Different regulators, such as the New York Federal Reserve, deep-dive into this relationship and the after-effects the asset class may or may not possess.
Various factors, including monetary and macroeconomic news, influence Bitcoin’s price. While it is true that Bitcoin is a relatively new and distinct asset class, it is still subject to many of the same market forces as traditional asset classes. For example, when there is news that suggests inflation is rising or the value of the U.S. dollar is falling, this can cause investors to turn to Bitcoin as a potential hedge against inflation and a store of value. However, there have been a few questions asked on this topic.
Source
@CryptoWorldAnalysis
