Bitcoin’s volatility spiked, and its price plummeted to fresh lows as worrying US economic conditions emerged. Will credit stress data signal the next accumulation phase for BTC?
Bitcoin (BTC) scratched new lows below $73,000 on Tuesday as data shows troubling macroeconomic challenges bubbling below increasingly volatile markets. New data highlights tightening credit conditions, even as the US debt and borrowing costs stay elevated, and one analyst says this gap between credit pricing and credit market stress may define Bitcoin’s price trajectory for the upcoming months.
Key takeaways:
The ICE BofA US Corporate Option-Adjusted Spread is at 0.75, its lowest level since 1998.
