This article provides a quick overview of how the crypto markets have been doing—with the focus on Bitcoin (BTC), Ether (ETH), Litecoin (LTC), EOS, Cardano (ADA), TRON (TRX), Dash (DASH), and Cosmos (ATOM)—over the past 24-hour period.
Overall, September 8th is proving to be quite a good day for the crypto, with only 13 of the top 100 cryptocurrencies in the red at press time (around 07:00 UTC).
Although many media outlets continue to push the narrative that the US-China trade war, the economic crisis in Argentina, and other macroeconomic factors have a big impact on the price of Bitcoin, not everyone agrees with this view.
One economist and trader who continuously tries to explain that Bitcoin is not yet a macro hedge is Alex Krüger (@krugermacro on Twitter). Here is his latest attempt to explain on September 5:
"Please repeat with me: bitcoin is not yet a macro asset. Those who claim the opposite either cherry pick or are in the business of generating click-bait."
"I wouldn't comment on this would I not be constantly exposed to a whole industry claiming how bitcoin is driven by gold/yuan/stocks/the dollar/etc. It often feels like mass delusion, not that different from the "this is a new paradigm, not a bubble" narrative of late 2017."
"Macro assets 1) Are mostly driven by macroeconomic & geopolitical factors 2) React in real-time consistently to major macro news 3) Move in days of large market moves 4) Do so in a predictable manner 5) Have relatively consistent correlations with risk-assets"
"Bitcoin is not *yet* a macro asset. It should become one as the market matures, as it's increasingly seen as digital gold and is a hedge against the TAIL-RISK of fiat systems collapsing, i.e. a put option on central banks without expiry."