In the past three months, cryptocurrency has fallen by 11.1%, only surpassing long-term treasury bond
In the past three months, cryptocurrency has fallen by 11.1%, only surpassing long-term treasury bond.
Bitcoin (BTC) fell to the bottom in the third quarter of this year, and investors lost 11.1%, barely beating long-term treasury bond bonds, with a net income of -11.9% over the same period.
Greg Cipalo, the global research director of the Bitcoin company NYDIG, wrote that Sipolaro pointed out favorable court cases, macroeconomic changes, the recent "quagmire" over government funds, the debate on US debt, and "continued efforts to ensure the approval of a spot Bitcoin ETF." He stressed that none of these developments has successfully pushed Bitcoin beyond its current range. He said that the current upper limit is $31000.
Bitcoin, however, was not the only asset that suffered losses last quarter. In fact, almost every asset class, including gold and other precious metals, the US stock market, and real estate, has suffered a significant percentage decline.
It is worth noting that only four assets achieved victory in this quarter, with commodities rising 15.5% and cash rising 1.3%.
Peter St. Anger, an economist at the Heritage Foundation in the United States, said that behind Bitcoin's poor performance may be a brief pause in price increases. I think the main driving force in the near future is that inflation seems to be relatively stable, "he toldDecryptionAnd added that gold has also felt these impacts.
However, this trend may not be long-lasting. St. Onge pointed out that recent events in Israel may trigger price actions for financial assets. We will have to see what happens in the Middle East, "he explained." Hard assets often receive support, but risky assets decline
For him, "Bitcoin is a combination of both
St. Onge's viewpoint is different from that of NYDIG's global research director.
Cipolo believes that "sustained" high inflation, rising interest rates, concerns about economic recession, and seasonal factors have an impact on returns, emphasizing that Bitcoin often performs poorly in the third quarter of each year. However, perhaps to bring hope to investors, he wrote that there is also a glimmer of hope for the "lackluster performance": the fourth quarter was one of the best performing quarters in the asset's history.
Despite its recent quarterly performance, Bitcoin investors will have to wait to see if the top cryptocurrencies are returning to their early 2023 trend, which has already seen a surge in assets. Bitcoin has risen 63% this year, the only of the four to achieve double-digit growth, more than double its closest competitor, the US Large Cap Growth Fund.
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