Recession odds have surged since the start of the Russia/Ukraine conflict (particularly in Europe), therefore challenging risky assets for the rest of the year.As bitcoin's returns have become increasingly correlated to equity returns (tech), investors' concerns over bitcoin performance in the medium term have surged.The upside gains on bitcoin also remains limited with DM central banks preparing to aggressively tighten their policy to ‘fight’ against the elevated inflationary pressures.As bitcoin has never performed well in periods of greater uncertainty, it is difficult to see how the cryptocurrency can decouple from the real economy in the coming 6 to 12 months.
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