(Bloomberg) -- Since October 2020 -- the starting point of the latest Bitcoin cycle -- about 60% of returns can be explained by exuberance in the wider market and momentum trading, according to Bloomberg Economics’ structural empirical model which exploits the co-movement of prices for Bitcoin and other assets to determine what factors are driving the ups and downs of the digital currency. Bitcoin’s role as a hedge against inflation and uncertainty has earned it the tagline “digital gold.” BE’s model shows that those factors explain a smaller share of the post-October move –- about 35%.
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