Cryptocurrency
Bitcoin Outperforming Gold and Stocks so Far This Month
As reported by Coindesk, “Bitcoin looks to have decoupled from traditional markets as investors refocus on the network’s imminent mining reward halving. “While the top cryptocurrency by market value has gained nearly 5.9% so far this month, gold, a haven asset, has declined by 1%. Meanwhile, as of Wednesday, the S&P 500, Wall Street’s equity […]
As reported by Coindesk, “Bitcoin looks to have decoupled from traditional markets as investors refocus on the network’s imminent mining reward halving.
“While the top cryptocurrency by market value has gained nearly 5.9% so far this month, gold, a haven asset, has declined by 1%. Meanwhile, as of Wednesday, the S&P 500, Wall Street’s equity index, was down 2.2% on a month-to-date basis, according to data source Skew.
“Bitcoin is also the best performing asset of 2020 to date, with a 28% year-to-date gain. Oil (WTI) is down 66% – flashing red due to the massive destruction of demand brought on by the coronavirus pandemic.
“The cryptocurrency has moved largely in tandem with the stock markets over the past two months. Prices fell from $10,000 to $3,867 in the first two weeks of March because the coronavirus-led sell-off in global equities triggered a global dash for cash. The cryptocurrency rose back above $7,000 in the following four weeks, tracking the recovery in stocks…”