BTC/USD behaves like a risky asset, says the prominent economist. The further developments point out that BTC is ready to create a bottom. Nobel-winning economist and a famous Bitcoin basher Nouriel Roubini has rejoiced as Bitcoin dropped by more than 25% since Friday, March 6. As the flagship cryptocurrency crashed below $8,000 during early Asian hours, he added insult to the injury by pointing out that BTC has lost more value that global equities In the meanwhile Bitcoin is down 8% in the last day, much more than global equities. Another proof that Bitcoin is NOT a good hedge vs risky assets in risk-off episodes. It actually falls more than risky assets during risk-off. So BTC is a shitty shitcoin hedge in risk-off cases. Roubini also emphasized that such performance annihilates the narrative that Bitcoin or any other digital asset can be used as a safe-haven asset during economic crises. As the FXStreet has reported, BTC/USD took a plunge on Sunday, March 8, which might have been partially explained by PlusToken scheme organizers cashing out another batch of their loot. The sell-off has been intensified by technical factors and the major collapse on the global markets that pushed Bitcoin into a death spiral. BTC/USD bottomed at $7,689. Where from here Some cryptocurrency experts analysts predict that Bitcoin may continue the sell-off a sustainable move below $8,000 pushed it back inside the bear’s market, while the increased pressure on the global markets pushes the anti-risk narrative. However, the downtrend may be halted due to a combination of a huge bullish gap on CME (about 10% of the current price). The last time the gap of such magnitude was registered in October 2019 amid the Chinese pump. Also, the volatility index, also known as a gauge of fear, experienced the largest spike since 2008. It may signal that the market is ready for a change. At the time of writing, BTC/USD is changing hands at $7,920. The first cryptocurrency has lost over 9% on a day-to-day basis and recovered from the intraday low of $7,689. From the short-term perspective, it has been moving within a bearish trend amid expanding volatility. BTC/USD daily chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next Eurozone March Sentix Investor Confidence misses estimates with -17.1, EUR/USD hits fresh lows FX Street 3 years BTC/USD behaves like a risky asset, says the prominent economist. The further developments point out that BTC is ready to create a bottom. Nobel-winning economist and a famous Bitcoin basher Nouriel Roubini has rejoiced as Bitcoin dropped by more than 25% since Friday, March 6. As the flagship cryptocurrency crashed below $8,000 during early Asian hours, he added insult to the injury by pointing out that BTC has lost more value that global equities In the meanwhile Bitcoin is down 8% in the last day, much more than global equities. Another proof that Bitcoin is NOT a good hedge vs… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.