Cuban: BTC fails to act as an inflation hedge, but is less disappointed with ETH

Odaily Planet Daily reported that Bitcoin has fallen over the past week, declining 10% since mid-May and dropping 40% from its high of $126,000 last October. Mark Cuban stated that he has sold the Bitcoin he disclosed holding during the Covid era, and commented that Bitcoin has "lost its way" because it failed to function as an inflation hedge.

Mark Cuban noted that following events related to the Iran conflict, gold rose while Bitcoin fell. Bitcoin should have rallied each time the dollar dropped, but it did not. Since the U.S. and Israel first struck Iran in February, Bitcoin has accumulated gains of about 25%, while gold has fallen slightly over 10%. He expressed being "more disappointed" with Bitcoin but "less disappointed" with Ethereum, and described NFTs and Meme coins as "junk."

An analyst from CryptoQuant stated that after rebounding 37% from its April low, Bitcoin has touched the 200-day moving average at $82,400, a key bear market resistance level. The current trend is similar to the situation in March 2022 when Bitcoin rebounded 43%, hit the 200-day moving average, and then resumed its downtrend. (Forbes Digital Assets).