Bitcoin has had a pretty good pull back from the highs, but now it might get caught up in the great unwind. It is no secret that the market has gone straight up, but now it is looking like it is going to pull back a bit. When that happens, people need to get cash, and rebalance themselves. Will that include Bitcoin?
Gold was up today as people flock to safety, but Bitcoin was down almost 10%. So that tells me a little bit. Maybe everyone who is long the market is also long bitcoin, or that it is not a safety asset like gold. A lot of people are making the claim that it will be a store of value, but that is yet to be seen.