Kuban: BTC fails to act as an inflation hedge, but he is less disappointed in ETH

Odaily Planet Daily News Bitcoin fell over the past week, dropping 10% since mid-May and 40% from its high of $126,000 last October. Mark Cuban said he has sold the Bitcoin he disclosed holding during the Covid period, adding that Bitcoin has "lost its way" by failing to act as an inflation hedge.

Mark Cuban stated that after events related to the Iran war, gold rose while Bitcoin fell. Bitcoin should have risen whenever the dollar fell, but it did not. Since the US and Israel first struck Iran in February, Bitcoin has risen about 25% cumulatively, while gold has fallen slightly over 10%. He is "more disappointed" in Bitcoin and "less disappointed" in Ethereum, calling NFTs and meme coins "garbage."

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