According to Bloomberg, a report by Bank of America on Friday noted that cash became the biggest darling of money last week, while cryptocurrency funds also attracted a large inflow. In the week ending December 4, money market funds absorbed $136.40 billion, the largest weekly inflow since the banking turmoil in March 2023. Notably, cryptocurrency funds received $3 billion in inflows, and the four-week inflow reached $11 billion, the highest level ever. This reflects the surge in investor interest in digital assets following Trump's election victory.
Bank of America strategist Michael Hartnett has pointed to signs of a "bubble" in the cryptocurrency market as Bitcoin's market cap surpasses $2 trillion, putting it on par with the world's 11th-largest economy. Likewise, concerns about stock valuations have been highlighted, with the S & P 500 trading at a price-to-book ratio of 5.3, surpassing its March 2000 dot-com bubble-era peak of 5.5.
Bank of America: Cryptocurrency and U.S. stock markets are accumulating a bubble
2024-12-07 01:44:59
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