Crypto
Bitcoin Rebounds as US Debt Hits Record $40 Trillion
The digital asset market is gaining momentum, driven by institutional investors and macroeconomic trends in the United States.
According to BlackRock's digital asset chief Robbie Mitchnick, recent price swings in Bitcoin are linked to the country's debt load rather than positive policy approvals.
US federal debt has crossed $40.05 trillion, doubling its 2017 level, and investors are seeking protection from fiscal pressure by buying assets like gold and Bitcoin.
The historical pattern suggests that Bitcoin recovers when the macro market weakens, before its long-term correlation with stocks.