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Bitcoin (CRYPTO: BTC) is struggling to break out after testing $80,000, and Coinbase‘s (NASDAQ:COIN) David Duong says the outlook for the current quarter only remains neutral.
Why Crypto Is Stuck
The Coinbase Institutional Head of Research said on the Milk Road Show that crypto remains stuck in a “headline driven market,” with traders reacting to fast-moving developments around Iran and broader geopolitical risk.
“You could get a headline at breakfast that really won’t carry over at dinner time,” he said.
David said Bitcoin’s correlation with U.S. equities peaked near 65% in February but has eased in recent weeks. That suggests crypto may be starting to trade on its own drivers instead of simply following stocks.
Those drivers include:
- Liquidity conditions
- Institutional flows
- Long-term …
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