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New York CNN Business —
It’s been a cold, hard crypto winter. But signs of a thaw, spurred on by global currency chaos, are beginning to appear.
What’s going on: Bitcoin rose to its highest level in more than a week on Tuesday, gaining more than 5% as the British pound and other currencies took a beating against the ultra-strong dollar. The gains gave crypto bulls hope that bitcoin was becoming a safe haven asset, or one that acts as a hedge when stocks are falling.
Then, around midday, the dollar grew in strength and bitcoin came crashing down again, wiping out all of its recent gains. Bitcoin slipped about another 1% Wednesday after the Bank of England tried to shore up UK debt.
When the dollar is strong, “there are no safe havens,” warned Glen Goodman, eToro crypto...
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