- Over the past few weeks, we have seen the number of active bitcoin addresses slowly increase.
- At the same time, we have seen the infamous volatility that has always been associated with bitcoin, slowly decreasing.
Over the past few weeks, we have seen the number of active bitcoin addresses slowly increase. At the same time, we have seen the infamous volatility that has always been associated with bitcoin, slowly decreasing and according to a Bloomberg report, this is thanks to the macroeconomic context that the markets are currently well deep in.
According to Mike McGlone, bitcoin has reached a state that is similar to that of the gold standard which will last due to its lack of volatility in the assets. The senior commodity strategist of Bloomberg intelligence so that the token is coming off as an attractive asset for many traders and investors. “Bitcoin’s volatility has never been so low against the stock market”.
With a lot of uncertainty going on in the traditional markets currently, bitcoin is being seen as a safe haven for many investors and traders.
“We see gold and Bitcoin sustaining the upper hand on the back of unparalleled central-bank monetary stimulus.”
Currently performing better than gold, bitcoin is on the verge of something great with the halving event occurring in less than a week’s time.
This event will decrease in supply and increase the demand for BTC according to McGlone’s analysis. It’s hard to see where it’s going to go following the event however, many investors are highly anticipating that something great is just around the corner. Currently trading above the $9000 key resistance level, bitcoin is looking more and more like a non-risk asset. That being said, we are not financial advisors and this is not financial advice! Please do your own research before investing in cryptocurrency.
Author: Adrian Barkley
Read more at: https://cryptodaily.co.uk/2020/05/bloomberg-mike-btc-low
