Bitcoin Surges Past $90,000 Amid Market Uncertainty
Bitcoin has been experiencing an upward trend since mid-August, rising from around $65,000 to near $90,000. This rally comes despite the lack of progress on the Clarity Act, a regulatory framework that could have significantly impacted digital assets.
The digital currency's relatively poor performance this year may be making it more attractive to investors as an alternative to equities. Bitcoin has struggled in recent months, down about 26% over the past 12 months, but its current price increase could indicate a shift in investor sentiment.
David Jagielski, CPA, notes that while Bitcoin's rally may be driven by market uncertainty and investors seeking safe-haven assets, it has not proven to be a reliable safe-haven asset itself. In fact, during the 2022 market downturn, when the S&P 500 fell 19%, Bitcoin plummeted by 65%.