Bloomberg Strategist: Bitcoin/Gold Cross Index Falls, May Impact Risk Assets

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Bitget2024/05/12 01:10

By:Bitget

Bloomberg Intelligence strategist Mike McGlone stated that the Bitcoin/Gold cross index has fallen compared to the SP 500 index. In January, the US spot Bitcoin ETF set a record for capital inflows, and subsequent declines in capital inflows may impact risk assets. The benchmark cryptocurrency hit a new high in the first quarter, but Bitcoin did not exceed its peak compared to gold and the SP 500 index in 2021. This type of 24/7 traded cryptocurrency is highly volatile and speculative. The last time when SP 500 e-mini futures broke through their 50-week moving average line in November, Bitcoin rose compared to gold, but this time the Bitcoin/Gold cross index is falling.

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The crypto market has dipped in response to President Trump’s plan to enact steep tariffs on imported goods from Canada, Mexico, and China beginning on Tuesday.Canada and Mexico have ordered retaliatory tariffs in response, while China promised “corresponding countermeasures” and said it would file a lawsuit with the WTO.Memecoins were particularly hard-hit by the downturn, with many top coins seeing double-digit percentage drops. Trump’s memecoin has fallen nearly 30% over the past week.

The Block•2025/02/02 17:11