The bitcoin rally was catalyzed by the new ETFs and next month's halving, but it's being carried along for other reasons, says Wolfe Research.
The bitcoin rally was catalyzed by microeconomic factors at the end of 2023, but may have recently fused into the more macroeconomic-fueled gold rally, according to Wolfe Research. The yellow metal is up 5.7% in March, which accounts for most of its 6% gain over the past month. On Friday, it hit record highs for a fourth consecutive session. Bitcoin has also been trading at record highs this week, after hitting new all-time highs on both Tuesday and Friday. It's up 8% in March.
Those factors are likely adding to the recent strength in gold too, she said. Gold is widely seen as a safe haven asset and inflation hedge, a narrative many also ascribe to bitcoin, sometimes known as "digital gold." However, also like bitcoin, it doesn't always behave that way, said Marion Laboure, macro strategist at Deutsche Bank. "Gold fell 21% from March to November 2022, while core CPI averaged 6.2% and the S & P 500 fell 11%," she said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Women May Need More Sleep Than Men, but Research Is Unsure WhyEven if it's only a few more minutes, here is why women tend to need more sleep than men.
Read more »
Experts Warn Against Unregulated Dietary Supplements and Protein PowdersLearn why dietary supplement labels can be misleading and why the FDA is cracking down.
Read more »
Why not check out Why's only rock and jewelry shop?Adam Klepp is KGUN 9's Marana reporter. Send your story ideas to Adam at Adam.Kleppkgun9.com.
Read more »
Why You Really Do Need Eclipse Glasses—and Why You Should Buy Them Right NowAlso, here’s why you can't look directly at the sun.
Read more »
Chelsea Wolfe Is Recruiting Artists For Her Musical CovenFor this week's SOUND ADVICE, singer-songwriter and practicing witch Chelsea Wolfe makes us a playlist of stormy, meditative tracks.
Read more »
Chelsea Wolfe Embraces Her Inner WisdomWe caught up with California musician Chelsea Wolfe ahead of the release of her latest album, 'She Reaches Out To She Reaches Out To She.'
Read more »