Market Cap
24h Vol
6566
Cryptocurrencies
51.43%
Bitcoin Share

Bitcoin’s Performance Relative to the S&P 500 Indicates Downturn

Bitcoin’s Performance Relative to the S&P 500 Indicates Downturn


CryptoIntelligence
2024-08-29 01:56:41

Bitcoin’s performance compared to the S&P 500 suggests a downturn, as it remains significantly below its all-time highs against the index. In a recent analysis on X, Bloomberg Intelligence senior commodity strategist Mike McGlone indicated that Bitcoin might be losing its leading position in the risk-asset race. McGlone referred to Bitcoin’s current state as suffering from a “hangover.” Bitcoin has not only failed to reach its previous peak from March but also shows signs of broader systemic weakness. McGlone pointed out that Bitcoin’s value is currently about 11 times that of the S&P 500, which is near its own all-time


Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.