Bitcoin has long been lumped in with precious metals as a hedge against a weakening dollar. That trade is unwinding on a hawkish Fed, and bitcoin is falling alongside the metals it was supposed to rival. A broad unwinding of the so-called debasement trade is hitting gold, silver and bitcoin at once, as investors retreat from scarce assets once seen as protection against currency erosion. A newly hawkish Federal Reserve under Chair Kevin Warsh and a stronger dollar are lifting real yields, makin…
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