CNBC reports Bitcoin underperforming the S&P 500 this month, but BTC up 111% this quarter

click here to see original post

According to CNBC’s Fast Money, Bitcoin has been underperforming the S&P 500 since the beginning of June, losing just under 4 percent of its value against the USD. CNBC’s observation, however, turned out to be a significant turning point for BTC, which jumped almost 5 percent after the tweet was posted.

Bitcoin price breaks $8,000

Following a whole month of being stuck in a very tight trading range, Bitcoin has managed to break through the $8,000 mark on June 10th.  And while it failed to hold that price point for longer than a few minutes, the brief venture proved to be more important than one might think.

Bitcoin started the day low, going for just over $7,500 in the early trading hours, but jumped from $7,672 to $8,012 in just one hour.

These kinds of dips aren’t uncommon in the crypto market—the top 100 coins by market cap frequently see their prices fall by up 6 or 7 percent daily. However, Bitcoin’s 4 percent dip bears a bit more weight than the usual dip, as it can easily be traced to a single tweet.

Fast Money, a CNBC market analysis show, had posted a graph comparing Bitcoin’s performance in the first two weeks of June to that of the S&P 500. The data showed that BTC saw a huge dip in the first few days of June, which then continued throughout the following week.

According to data from Coinbase, it was down 3.73 percent on June 10th.

The S&P 500 Index, on the other hand, was up 3.51 percent during that time.

CNBC’s Fast Money observation signals it’s time to buy

The comparison was surprisingly well received by the crypto community, with many thanking CNBC for the spike in prices that was inevitably going to happen. It was seen by many as a clear buy signal.

Anthony Pompliano, the co-founder of Morgan Creek Digital, commented that Bitcoin has jumped almost 5 percent following the tweet.

The difference in performance between the world’s largest cryptocurrency and the S&P 500 Index has already started to disappear. Jason Hunter, a JP Morgan strategist, told CNBC that the S&P 500’s June rally could be short-lived. He warned investors to be “hesitant” about the market, as bad news from this month’s G-20 meeting could bring a major correction to stocks.

Bitcoin, on the other hand, has continued to outperform every other asset class there is, showing year-to-date returns of over 120 percent.

Bitcoin, currently ranked #1 by market cap, is up 1.39% over the past 24 hours. BTC has a market cap of $143.98B with a 24 hour volume of $18.3B.

Chart by CryptoCompare

Bitcoin is up 1.39% over the past 24 hours.

Filed Under: Bitcoin, Price Watch

Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He holds an engineering degree in Computer Science Engineering and is a passionate economist. He built his first digital marketing startup when he was a teenager, and worked with multiple Fortune 500 companies along with smaller firms. When he is not solving the transportation problems at his company, he can be found writing about the blockchain or roller skating with his friends.

View author profile

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

Share !