Global rate hikes are putting downwards pressure on asset prices, but Bitcoin is starting to outperform commodities and tech stocks.
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Senior commodity strategist at Bloomberg Intelligence, Mike McGlone, stated October has historically been the best month for Bitcoin (BTC) since 2014, averaging gains of about 20% for the month, and that commodities appearing to peak could imply that Bitcoin has reached its bottom.
In an Oct. 5 Bloomberg Crypto Outlook report, McGlone says while the rise of interest rates globally is putting downwards pressure on most assets, Bitcoin is gaining the upper hand when compared with commodities and tech stocks like Tesla, with the report noting:
“When the ebbing economic tide turns, we see the propensity resuming for Bitcoin, Ethereum, and the Bloomberg Galaxy Crypto Index to outperform most major assets.”
McGlone notes that Bitcoin has its lowest ever volatility against the Bloomberg Commodity Index, which tracks the price movements of global commodities such as gold and crude oil, and sugges
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