Bitcoin's Future Uncertain Ahead of Fed Decision and Bank Woes.

Bitcoin's correlation to equities has dropped to 12%, a level not seen since mid-2021, as rising interest rates cause problems in the banking sector. Bitcoin is not just another tech stock, but a monetary policy hedge that tends to trend higher when banks fail. Bitcoin's correlation with gold rose to a two-year high in April, and if the US enters a period of stagflation, BTC will have a chance to shine. BTC tends to trade inversely with the dollar, and if the Fed cuts interest rates, the dollar index will continue to slide. Bitcoin usage is also picking up thanks to the advent of Ordinals, a way of storing data on the world's most valuable blockchain.