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