Bitcoin dipped to a six-week low of $37,700 Tuesday, selling off with risk assets. It has since bounced back to above $39,000, within the local $38,000 to $42,000 trading region. Current price action is driven by concerns over rising interest rates, economic deceleration, and the ongoing conflict in Ukraine. Meanwhile, Bitcoin’s correlation to the Nasdaq remains at 91% as cryptoassets continue to move parallel with risk-assets.
Fidelity Investments will offer 401K investors access to Bitcoin, making it the first provider to offer crypto for retirement savings. 20,000 retirement plans will be eligible, but it remains to be seen how many plan sponsors support it. The offering will be available by mid-year 2022. Read more here.
Implied volatility has retraced to 50% after reaching 60% earlier in the month (Glassnode).
According to a report from CryptoCompare, derivatives volume has increased after declining for six months.
Bitcoin adoption continues to accelerate as the Central African Republic has unanimously passed a bill to adopt Bitcoin as legal tender, and Wall Street firms make a crypto push to expand into the ecosystem. Check out the news section for more.
Wall Street firms are scrambling to offer an increasingly broad array of crypto products and services as they ‘push to catch up with cool kids’ (Bloomberg).