Bitcoin and Cryptocurrency Markets Drop as Global Stock Markets Surge to Record Highs
Publication Time:2024-08-19 21:28:06
So far this month, the Bitcoin and cryptocurrency sectors have seen substantial declines, contrasting with the rapid resurgence of global stock markets back to historical peaks following the alleviation of worries over US economic growth. It is noteworthy that Bitcoin fell by around 10% in August, a drop that is significantly less than the near 1% increase in the MSCI Inc.'s global equity index and the strong performance of gold, which rose close to 2% during the same period for the Bloomberg Global Bond Index. Analysts point out that the risk posed by the US government's handling of Bitcoin seizures is a major challenge for the digital asset market at present. According to an Arkham Intelligence report, last week the US moved $600 million worth of Bitcoin to a wallet on the exchange operated by Coinbase Global Inc. Khushboo Khullar, a venture partner at Lightning Ventures, suggests that although the potential sale of Bitcoin by the US government may cause a temporary price dip, it is expected that this impact will not be long-lasting.
Bitcoin
Cryptocurrency Market
Global Stock Markets
Record High
US economic growth