I was monitoring bitcoin’s price on Wednesday morning, as investors dumped stocks after government bond prices warned of a potential U.S. recession. The idea that bitcoin is untethered to any traditional assets, making it a good investment in times of market uncertainty, has gained traction in recent months. But the jury is still out on whether that’s true, or merely wishful thinking by some in crypto.

On Wednesday, bitcoin fell slightly in the first few hours of trading, while gold, which many in crypto view as a rival asset to bitcoin, gained about 1%. We do know that bitcoin trades at a premium in countries like Venezuela and Argentina, where political uncertainty has weighed on fiat currency values. But those are extreme cases.

Another factor that will eventually affect bitcoin’s price is an anticipated SEC decision this year on whether to approve the first bitcoin ETF. This week, regulators delayed a decision on three proposals, which we discuss below. Plus, we take a look at growing conflicts over who can use which crypto exchanges, after officials began scrutinizing the practices of companies based abroad that regulators believe have U.S. customers.