In theory, the reduction of interest rates of the United States Federal Reserve (FED) It favors both the technology sector, due to the intensive use of capital in their companies, as well as higher risk assets. For example, companies from emerging countries are attractive due to the expectation that they will have access to better credit conditions, which will help them grow and be profitable.
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Considering that the lack of backing for cryptocurrency makes it a speculative and therefore risky asset, could Bitcoin benefit from the expected rate cut by the US central bank?
Bitcoin fell 3.9% today, extending its decline after closing at $57,505. At 8 a.m. in New York, the cryptocurrency was down 2.8% at $58,655, according to Bloomberg.
In March, Bitcoin hit a record high of $73,798 and is up 37% so far this year.
According to Jorge Ramos, general manager of BBVA Bolsa SAB, in the last month bitcoin yielded 4%, in the last three months it registered a fall of 12%, while in 6 the performance remained flat.
He commented that, currently, it is observed that many investors in the local stock market are incorporating into their portfolios investments in bitcoin ETFs, which replicate the behavior of the cryptocurrency, in small percentages of 2.5%. This as an additional asset of a speculative nature.
“We are talking about riskier investors with a more speculative profile, those with a higher tolerance for risk,” Ramos said.
Along these lines, he indicated that the price of bitcoin is very volatile, because it is not correlated with any asset, which makes it quite difficult to predict. “Since it does not have a fundamental value, a relationship cannot be determined with respect to the behavior of interest rates in the US,” he said.
According to a Bloomberg article, in the bitcoin options market, traders are “assigning significantly more weight to the Fed event than we have seen in recent times,” said Caroline Mauron, co-founder of Orbit Markets, a liquidity provider for digital asset derivatives trading.
Three ETFs that invest in bitcoin are traded on the BVL, whose returns depend on the period in which they entered the local stock market. According to the latest daily bulletin of the Lima stock exchange, at the close of Friday, the IBIT (iShares Bitcoin Trust ETF) yields 15.5% so far this year; the BTCCU (Purpose Bitcoin ETF) climbs 71.3% and BTCO (Invesco Galaxy Bitcoin ETF) loses -0.59%.
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