Bitcoin Is Falling vs. Beta - What Stops It? A key Bitcoin risk is that it leads risk assets lower. A more bullish scenario is that this speculative leading indicator catches up to the record-setting stock market. My graphic highlights the "same-chart syndrome" between the 200-day moving averages for Bitcoin and the S&P 500, as well as widening crocodile jaws. With Bitcoin falling while beta sets records, what will it take for a recovery? Bitcoin may be showing a first-crypto curse. From one cryptocurrency in 2009 to an unlimited supply today, price headwinds may be rising. Holding above its 200-day mean could signal recovery. The risk is that the crypto that led risk assets higher since 2009 might be leading them lower, exposing downside potential. If the S&P 500 sustains a roughly 20% decline, Bitcoin can revisit $10,000. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tfy3t8kijh8s {BI COMD} #Bitcoin #stockmarket @Bloomberg(Mike McGlone)