Investors will be looking out for bitcoin's decoupling from macro drivers and how it holds up in more uncertain times.
It was a tale of two bitcoins in 2022. One was the hedge against uncertain times — which it showed both as Russia waged war on Ukraine at the start of the year, and after the downfall of FTX, which has been called one of the biggest financial frauds in American history, rocked markets last month. This has been one of bitcoin's biggest promises. The other was the riskiest of risk assets, whose moves mirrored those of tech stocks.
" Similarly, Alkesh Shah, crypto and digital assets strategist at Bank of America Securities, said crypto assets will trade in line with risk assets "over the course of 2023" but that he sees the potential for a divergence, "as investors shift focus from speculative trading to the development and adoption of blockchains and applications powered by tokens with utility and cash flows.
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