Most asset classes are on the rise as a result, but bitcoin remains under pressureWhat if bitcoin bulls were told that Western central banks had embarked on a new monetary easing campaign, the S&P 500 and Nasdaq – even with a mid-summer mini-panic – were tripping along very close to record highs, U.S.
The reaction in traditional markets has been as expected, with stocks, bonds and the price of gold all sharply higher as a coordinated developed market monetary easing campaign began to manifest itself., though, hasn't joined in the fun. Though putting in a nice rally on Friday, the price remains below $60,000 and roughly 20% below an all-time high above $73,500 set six months ago.
Still, zooming out even further might be frustrating to bulls. After all, bitcoin today is well lower than its level nearly three years ago when it touched what was then a record $69,000. Taking into account the speedy inflation in those three years, the performance looks even worse, particularly if bitcoiners would like the crypto to be known as an inflation hedge. The S&P 500 is higher by about 33% over that time frame and the barbarous relic gold is up more than 50%.
It's possible that a short, pedestrian series of rate cuts might do very little for bitcoin's price and only larger, emergency-style central bank measures will be enough to spark a new bull run.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.