Despite gold and silver strength… “A shift of funds into Bitcoin is likely to be limited”
Summary
- Analyst Benjamin Cowen was quoted as saying Bitcoin is highly likely to continue to underperform the stock market.
- He was also quoted as saying that, despite gold and silver posting record highs, it is difficult to expect a “money move” from gold and silver into digital assets.
- As of 3:15 p.m. today, Bitcoin was at $82,266, down 6.62% from the previous day, according to CoinMarketCap.
An analysis has suggested that Bitcoin (BTC) could continue to underperform equities for the time being. The view is that it will be difficult to expect a large-scale shift of funds into Bitcoin following sharp gains in gold and silver prices.
According to Cointelegraph, a digital-asset news outlet, on the 30th (Korea time), analyst Benjamin Cowen said, “Bitcoin is highly likely to continue to show weakness relative to the stock market,” adding, “It’s difficult to expect a ‘money move’ from gold and silver into digital assets.”
Gold and silver prices have been strong recently. According to TradingView, gold hit an all-time high of $5,608.33 per ounce and silver reached $121.64.
As of 3:15 p.m. today, Bitcoin was trading at $82,266, down 6.62% from the previous day, according to CoinMarketCap.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
