🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Fed Report Says Bitcoin Akin To Gold As 'Store Of Value' Even As Staking-Ban Rumors Sap Sentiment

Published 09/02/2023, 12:25
Updated 09/02/2023, 13:41
© Reuters.  Fed Report Says Bitcoin Akin To Gold As 'Store Of Value' Even As Staking-Ban Rumors Sap Sentiment
GC
-
BTC/EUR
-
BTC/USD
-
BTC/EUR
-
BTC/JPY
-
BTC/USD
-
BTC/JPY
-
BTC/GBP
-
BTC/GBP
-

Benzinga - A new Federal Reserve report says Bitcoin (CRYPTO: BTC) shares most of the features of a store of value, such as gold.

What Happened: This comes amid rumors that the U.S. Securities and Exchange Commission is looking at ways to ban crypto staking for retail customers, which has got Coinbase (NASDAQ: COIN) CEO Brian Armstrong concerned.

See More: Top Indian Apps That Give Bitcoin, NFT Rewards

The Federal Reserve published a new 31-page Bitcoin research report titled: "The Bitcoin–Macro Disconnect," which said that the apex crypto “shares most of the features of a store of value, such as gold.”

“In our empirical analysis, we find that Bitcoin is unresponsive to both monetary and macroeconomic news. In particular, the result that Bitcoin does not react to monetary news is puzzling as it casts some doubts on the role of discount rates in pricing Bitcoin,” the report adds.

Price Action: BTC was trading at $22,920, down 1.70% in the last 24 hours, according to Benzinga Pro.

Read Next: Bitcoin, Ethereum, Dogecoin Slide Amid Staking-Ban Rumors: Analyst Sees Apex Crypto Losing Love After Valentine's Day Inflation Report

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.