No ‘Second-Best’ for Currency Debasement As Bitcoin Continues To Hammer Ethereum: NYDIG

Bitcoin ( BTC ) stands above other crypto assets amid the ongoing economic turbulence, according to the digital asset investment management firm NYDIG.

Greg Cipolaro, the global head of research at NYDIG, notes in a new analysis that crypto markets have remained largely stable despite the “carnage” in traditional financial markets.

“Perpetual swap rates have been persistently positive. Liquidations spiked on Sunday and Monday [last week], but the two-day total of $480 million was well below other notable liquidation events. The basis on on-shore and off-shore futures has remained positive. Finally, the price of USDT, while below $1.00, has not experienced a sharp decline.

Historically, in broad risk-off moves, we tend to see stresses show up in crypto markets. We have yet to see that.”

Cipolaro notes Bitcoin has largely fared better than Ethereum ( ETH ) and other altcoins, noting that BTC remains the number one hedge against currency debasement.

“The ETH-BTC cross continues to plumb levels not seen since 2019, for example, and many other cryptocurrencies have yet to find their footing in this volatile environment.

In a world of global uncertainty and a loss in faith of fiat currencies and sovereign nations, there does not appear to be a second-best option to fiat debasement.”

Source: NYDIG

BTC is trading at $84,984 at time of writing.

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