Bloomberg Analyst Shares His Take on Bitcoin’s (BTC) Price Performance During COVID-19 Crisis
Bloomberg Intelligence researcher Mike McGlone has opined that Bitcoin is maturing as a store of value after a plunge in the asset’s level volatility.
After fully recovering from its 48 percent collapse on March 12, McGlone expects Bitcoin to continue its uptrend together with gold.
In this tumultuous year, Bitcoin is gaining accolades as a stabilizing and maturing store of value, more likely to continue appreciating along with gold. Bitcoin volatility is lower than the world's most significant commodity, crude oil, and the lowest ever vs. the S&P 500. pic.twitter.com/3dxjCmNwhP— Mike McGlone (@mikemcglone11) April 27, 2020
Bitcoin (finally) stabilizes
London-based research firm Skew has recently noted that Bitcoin’s implied volatility almost plunged back to the pre-crash level.
Six weeks later, bitcoin implied vol is nearly back to its pre sell-off level pic.twitter.com/IaBHd9yWZC— skew (@skewdotcom) April 27, 2020
Moreover, Bitcoin’s volatility recently reached its lowest point ever against the S&P 500, the flagship U.S. stock market index that has a market capitalization of nearly $28.1 trln.
As reported by U.Today, Bitcoin’s correlation with U.S. equities reached its highest level against the U.S. stock market in late March because of the coronavirus liquidity crisis.