Coinspeaker
Bitcoin Trails behind Bonds and Stocks in Q2, Will Underperformance Continue?
After hitting an all-time high of $74,000 earlier in the first quarter of 2024, Bitcoin price has delivered a subdued performance undergoing a strong price consolidation. As of press time, Bitcoin is trading 0.75% down at $66,994 with a market cap of $1.320 billion.
As per the Bloomberg report, stocks and bonds have delivered better returns than Bitcoin, so far this quarter. While traditional financial assets like equities, commodities and fixed-income instruments are all in the positive territory, the BTC price is trading 5% down in the second quarter.
During the first quarter massive inflows in the spot Bitcoin ETF ignited the animal spirits among the investors. Although the inflows have continued since then, they remain a bit subdued. On the other hand, the uncertainty around the Fed rate cuts has dampened the prospect of any major rally in Bitcoin.
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