Bitcoin (BTC) stands above other crypto assets amid the ongoing economic turbulence, according to the digital asset investment management firm NYDIG.
Greg Cipolaro, the global head of research at NYDIG, notes in a new analysis that crypto markets have remained largely stable despite the “carnage” in traditional financial markets.
“Perpetual swap rates have been persistently positive. Liquidations spiked on Sunday and Monday [last week], but the two-day total of $480 million was well below other notable liquidation events. The basis on on-shore and off-shore futures has remained positive. Finally, the price of USDT, while below $1.00, has not experienced a sharp decline.
Historically, in broad risk-off moves, we tend to see stresses show up in crypto markets. We have yet to see that.”
Cipolaro notes Bitcoin has largely fared better than Ethereum (ETH) and other altcoins, noting that BTC remains the number one hedge against currency debasement.
“The ETH-BTC cross continues to plumb levels not seen since 2019, for example, and many other cryptocurrencies have yet to find their footing in this volatile environment.
In a world of global uncertainty and a loss in faith of fiat currencies and sovereign nations, there does not appear to be a second-best option to fiat debasement.”
BTC is trading at $84,984 at time of writing.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
