Bank Of America: Bitcoin Is Not A Portfolio Variegator

• Bank of America has recently signified that Bitcoin might not prove to be the best choice for the folks. 

• Bitcoin last witnessed its ATH in November and is underperforming compared to that mark. 

• Bitcoin is trading at $35,878 with a market cap of $682,868,747,307 and is currently low at around 1.6% in the last twenty-four hours. 

The most prominent banking institution in the US, Bank Of America, has highlighted its thoughts about the leading cryptocurrency in a recent research paper. It has signified that Bitcoin (BTC) cannot serve as an inflation hedge. 

Although Bitcoin is addressed as a safe haven asset by its advocates, but then it works kind of close with the US stocks. And the connection between the tech-focused Nasdaq 100 stock market index and Bitcoin has hit another all-time high. 

The crowned cryptocurrency has witnessed significant market changes lately. And there are opinions that these are mainly due to the macroeconomic conditions. 

At the time of writing, Bitcoin is trading at $35,878 with a market cap of $682,868,747,307 and is currently low at around 1.6% in the last twenty-four hours. 

The cryptocurrency witnessed its All-Time High last year when it reached around $69,000. And now it is almost down by around 46% from that mark. The asset has primarily underperformed this year as compared to its considerable gains in 2021. 

Bitcoin is falling and escalating the opportunities for new traders to enter the cryptocurrency market. The traditional crypto asset has fallen 11.63% in the last three trading sessions. Bitcoin price broke down from the last support level in February 2022. 

Bitcoin price currently falters at $35800 and has lost 1.71% of its market capitalization in the last 24-hour period. 

Cryptocurrency investors might experience massive sell-offs in other altcoins as well. BTC at the first breakdown from 44400 after consolidating inside the range-bound area. Afterward, BTC fell through a little sideways momentum, making the last support its resistance, resulting in breaking down the last support level of $36000 by making.

In Fact, gold is often compared to Bitcoin, and even MicroStrategy CEO Michael Saylor is more inclined toward Bitcoin than gold. Gold is also up by around 2.88% year to date. 

Although the Bank Of America claimed Bitcoin to be the best performing asset of the decade in 2019, it is to look forward to how it will perform in the coming future. 

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss. 

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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