Bitcoin has underperformed each different international asset class this month, in keeping with knowledge supplied by Acorn Macro Consulting
Bitcoin, the world’s main cryptocurrency, has had yet one more underwhelming month, plunging by virtually 15%.
Based on knowledge supplied by U.Okay.-based Acorn Macro Consulting, it’s the worst-performing international asset this August, sitting on the very backside of the chart.
Brazil’s Bovespa inventory index is on the prime of the chart after its livid August rally, including almost 9% over the previous month.
The U.S. Greenback Index (DXY) continues to reign supreme. On Monday, the dollar clinched a brand new 2022 excessive of 109.5 after Federal Reserve Chairman Jerome Powell strengthened risk-off sentiment together with his hawkish Jackson Gap speech on Friday. The DXY index, which measures the energy of the U.S. Greenback in opposition to different international fiat currencies, gained 2.8% in August.
The NIFTY 500, India’s broad-based inventory market index, has additionally added greater than 2.1% this month.
Nikkei 225, the inventory market index for the Tokyo Inventory Change, can also be within the inexperienced over the previous month.
The S&P 500, one of many prime U.S. inventory market indices, is down 2.4% this month. The tech-heavy Nasdaq 100 index, whose efficiency is extremely correlated with Bitcoin, has shed 3.6% in August.
The cryptocurrency recovered to $20,000 on Monday, however it then plunged beneath the important thing degree but once more on Tuesday, struggling to regain any semblance of momentum.
It’s presently altering palms at $19,942 on the Bitstamp exchange, and it’s on observe to log yet one more day within the purple.
After gaining 17% in July, Bitcoin surged as excessive as $25,121 in August, however this was then adopted by a pointy decline.