Cryptocurrency
Cryptocurrencies Index Flashes First Buy Signal in Three Months
As reported on Bloomberg, “After weeks of brutal selling, technical gauges are signaling potentially positive developments ahead for battered crypto assets. According to the GTI Vera Convergence Divergence Indicator, which measures up and down shifts, the Bloomberg Galaxy Crypto Index flashed its first buy signal in over three months. In addition, it ended the strongest […]
As reported on Bloomberg, “After weeks of brutal selling, technical gauges are signaling potentially positive developments ahead for battered crypto assets.
According to the GTI Vera Convergence Divergence Indicator, which measures up and down shifts, the Bloomberg Galaxy Crypto Index flashed its first buy signal in over three months. In addition, it ended the strongest selling trend since late July.
Cryptocurrencies have been under pressure this year, selling off in tandem with traditional assets as investors try to price in the coronavirus outbreak that has shut down economies globally. In the meantime, arguments that digital currencies act as havens have lost steam, with Bitcoin declining more than 25% in March. The largest digital token is on pace for its third consecutive quarterly decline.
Still, many investors remain bullish on digital assets as central banks around the world take unprecedented steps to shore up their economies…”