Bitcoin Risk Asset Identity Crisis
Bitcoin's correlation with the S&P 500 indicates it is viewed more as a risk asset than a safe haven.
Too little corroboration in the last 3 days to call a trend (4 articles). Watching for it to gain traction.
Mainstream financial press is carrying this — attention has broadened beyond specialist outlets.
"Observers noted a paradox: while risk assets like the S&P 500 have continued to push higher, bitcoin has been softening, a dynamic described as a 'grim divergence' by some traders."
"Bitcoin fell to April lows near $73,100 as it lagged behind record highs in the S&P 500 and Nasdaq, as Fortune reported."
"The Nasdaq 100 ETF and S&P 500 have experienced historic, rapid rallies, but near-term risks are mounting amid Middle East uncertainty."
"Why isn't bitcoin a safe-haven asset? In a nutshell, Dalio said: 'Central banks are not going to want to buy bitcoin.'"
"Bitcoin moved with risk assets, proving it is not gold in any meaningful sense."
"Bitcoin spent this window behaving more like a risk asset than a safe haven."
"Bitcoin, by contrast, has no such buffer... it has traded more like high-beta tech/equity exposure."
"In short, bitcoin behaved like a risky asset amongst others, for now losing its fantasized status as the 'new digital gold.'"
""Crypto continues to show a strong correlation with risk assets, and this latest sell-off has highlighted that connection.""
"Garrick Hileman told the news portal AP that bitcoin supporters' thesis that it is a type of 'digital gold' has still not been proven to be true amid the global market crash."