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Crypto

Bitcoin boom over? Bloomberg warns of underperformance versus U.S. Treasuries

A warning has emerged that the broader cryptocurrency market could be shaken if bitcoin continues to weaken against U.S. Treasuries. U.Today reported on Nov. 1 that Bloomberg Intelligence senior commodity strategist Mike McGlone said bitcoin is at a major inflection point in its relative performance versus U.S. government bonds. He highlighted $80,000 as a key level and pointed to underperformance by a BlackRock bitcoin ETF relative to a long-term Treasury ETF.

Crypto

Bitcoin beats S&P 500 on most trading days, but monthly performance lags

Bitcoin has again topped the S&P 500 on more than half of trading days, but it continues to lag in month-to-date performance. Data cited by CryptoSlate showed Bitcoin’s daily relative win rate versus the S&P 500 recovered from about 20 percent in June to above 50 percent recently. From Oct. 1 to Oct. 26, Bitcoin outperformed on 10 of 18 sessions but fell 4.25 percent while the S&P 500 rose 0.33 percent. Flows concentrated in BlackRock’s iShares Bitcoin Trust, while spot demand remained weak and downside hedging demand increased in options.