Bitcoin registered a bit of a victory this quarter, even if the scale may not seem much for an asset class where outsized gains were until recently the order of the day.
The biggest cryptocurrency rose 3.7%, recently trading about $19,392, compared to declines of about 7% for MSCI's all-country stock index and Bloomberg's total-return global bond index. It's a further sign crypto prices may have stabilized following dramatic declines at the start of the year. By contrast, stocks are currently around 2022 lows.
“It appears Wall Street believes crypto is close to the bottom and will become an attractive diversification strategy once the peak in Treasury yields is in place,” said Edward Moya, senior market analyst at Oanda Corp. “Despite all the doom and gloom on Wall Street, calls for another crypto crash have been somewhat quiet.”
The gain might not be much, but it stands out in a sea of red, especially after an almost 60% drop in the second quarter. Asset classes across the board...
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