Crypto investors are excited about the strength they have seen in Bitcoin, but that does not mean that the cryptocurrency is going to remain strong and serve as a safe haven during these uncertain times. First, investors must remember that the Federal Reserve plans to increase interest rates, sending risk assets into an even greater tailspin than some have already experienced. Plus, the “strength” of Bitcoin is not as impressive as originally believed. Bitcoin would need to get back to $50,000 with stocks on the low to make a real difference. The only safe haven is gold and other select commodities, but they got a boost due to the war in Ukraine, meaning they could subside again when peace is finally reached. In short, watch your investments carefully and don’t hedge your bets on proven assets. You need to use what’s working right now. At press time, Bitcoin was trading at more than $43,000, down nearly 2% on falling volume and a sliding market cap.
