Bloomberg Strategist: Bitcoin/Gold Cross Index Falls, Could Impact Risk Assets
2024-05-11 21:53:29
Mike McGlone, strategist at Bloomberg Intelligence, said that the Bitcoin/Gold cross index has plummeted compared to the S & P 500 index, and the US spot Bitcoin ETF set a record for inflows in January, boosting Bitcoin's status as a leading indicator, while "after-effects" could have an impact on risky assets. The benchmark cryptocurrency hit a new high in Quarter 1, a near-perfect storm, but Bitcoin has not surpassed its peak in 2021 compared to gold and the S & P 500 index. The 24/7-traded cryptocurrency is volatile and speculative. The last time the S & P 500 e-mini futures broke above its 50-week moving average in November, it rose against gold, but this time the Bitcoin/Gold cross is falling.
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