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Bitcoin vs. Gold vs. Nasdaq: Who Wins The Race To The Top In Q1 2023?

Published 29/03/2023, 14:30
© Reuters.  Bitcoin vs. Gold vs. Nasdaq: Who Wins The Race To The Top In Q1 2023?
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Benzinga - Bitcoin (CRYPTO: BTC), the world's largest digital currency, has seen a gain of nearly 72% this year giving it a market value of $542 billion. That's its best quarterly gain in two years, according to CoinDesk.

Just three months ago, some experts were mulling the possibility of Bitcoin falling to as low as $12,000 this quarter after its valuation had declined by 76% since November 2021, the report noted.

Ether (CRYPTO: ETH), the second-largest cryptocurrency by market value, appears on track for a 50% quarterly gain.

Also Read: Royal Mint's Shock Decision To Scrap NFT Launch Deals Huge Blow To UK's Crypto Innovation Drive

Gold, meanwhile, has added over 7%, while Wall Street's tech-heavy Nasdaq index, which is tracked by the Invesco QQQ Trust Series 1 (NASDAQ: QQQ) ETF, has rallied 15%.

The rebound has been fueled by speculation that central banks, led by the Federal Reserve, will abandon their aggressive rate increases in response to recession signals.

This speculation gained momentum after three U.S. banks collapsed and the central bank launched emergency funding programs to arrest panic in the banking sector.

David Foley, the managing partner at Bitcoin Opportunity Fund, told CoinDesk that assets with sound money like Bitcoin and gold are appealing. They benefit from liquidity injections.

"With the Fed suddenly turning on a dime, having to throw some QE back into the system to protect the banking system, money flows into sound money assets: gold, silver. And bitcoin being sound money is going to be the fastest in the race," Foley said, referring to quantitative easing.

Next: Virtual Land Gold Rush: Q1 2023 Explodes With Mind-Blowing $502M Investments

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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