.realMatrixport says signals from the U.S. macroeconomic landscape suggest caution is warranted on crypto investments and advises that investors cut 50% of their exposure if bitcoin trades below $22,800. By willcanny99.
Matrixport, a crypto exchange and lending platform, said it has been bullish on digital assets since mid-December, but signals from the U.S. economy are now forcing it to be more cautious.
In a research report published early Friday, the firm said it is still not the time to be outright bearish, but suggested cutting exposure by 50% if bitcoin prices fall below $22,800. The largest cryptocurrency by market cap slumped overnight and was trading around $22,400 at publication time. U.S. stock markets have started to sell off again and U.S. bond yields are moving higher, the note said. The 2-year Treasury now yields about 4.87%, above the November 2022 high of 4.8%, and the difference, or spread, between the 2-year and 10-year yields is at an “unhealthy level of -0.87%."
The rallying U.S. dollar is another negative sign and “adds to the restrictive monetary policy overhang,” wrote Markus Thielen, head of research. Daily crypto trading volumes have dropped to $60 billion from around $80 billion, which shows less interest from traders to engage with the crypto market, “while the ongoing
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