{"id":170628,"date":"2023-10-09T07:00:25","date_gmt":"2023-10-09T01:30:25","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=170628"},"modified":"2023-10-09T07:00:25","modified_gmt":"2023-10-09T01:30:25","slug":"dismal-third-quarter-for-bitcoin-lands-it-second-to-last-in-returns-analyst-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/dismal-third-quarter-for-bitcoin-lands-it-second-to-last-in-returns-analyst-crypto-news\/","title":{"rendered":"Dismal Third Quarter for Bitcoin Lands It Second-to-Last in Returns: Analyst – Crypto News"},"content":{"rendered":"
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Bitcoin (BTC) scraped the bottom of the barrel in the third quarter of the year, registering a loss of 11.1% for investors, barely beating long-term treasuries, which netted -11.9% over the same timeframe.\u00a0<\/span><\/p>\n

Greg Cipolaro, Global Head of Research at Bitcoin firm NYDIG, <\/span>wrote<\/span><\/a> about the crypto\u2019s poor performance and how it defies recent events in the crypto space.<\/span><\/p>\n

Cipolaro pointed to <\/span>favorable court cases<\/span><\/a>, macroeconomic changes, the recent \u201cquagmire\u201d over government funding, the debate on <\/span>U.S. debt<\/span><\/a>, and the \u201congoing efforts to secure approval for a <\/span>spot Bitcoin ETF<\/span><\/a>,\u201d highlighting how none of these developments managed to push Bitcoin past the upper bound of its current range\u2013which he said sits at $31,000.<\/span><\/p>\n

Bitcoin<\/span><\/a>, however, wasn\u2019t the only asset to register losses last quarter. In fact, almost every asset class\u2014including gold and other precious metals, the U.S. stock market, and real estate\u2014suffered important percentage drops.\u00a0<\/span><\/p>\n

Notably, only four assets celebrated wins in the quarter, with commodities gaining 15.5%, seconded by cash at 1.3%.\u00a0<\/span><\/p>\n

Economist for the Heritage Foundation, <\/span>Peter St. Onge<\/span><\/a>, said a momentary pause in rising prices might be behind Bitcoin\u2019s meager performance. \u201cI think the main driver near-term has been inflation looking more sedate,\u201d he told <\/span>Decrypt<\/span><\/i>, adding that gold also feels these effects.\u00a0<\/span><\/p>\n

This trend might not be long-lived, however. St. Onge pointed out that recent events in Israel might trigger price action in financial assets. \u201cWe\u2019ll have to see what happens in the Middle East,\u201d he said, explaining that \u201chard assets tend to shore up, but risk assets go down.\u201d<\/span><\/p>\n

For him, \u201cBitcoin is a bit of both.\u201d<\/span><\/p>\n

St. Onge\u2019s views differ from those of NYDIG\u2019s global head of research.\u00a0<\/span><\/p>\n

Cipolaro sees \u201cpersistently\u201d high inflation, rising interest rates, \u201crecession worries,\u201d and seasonality weighed on returns, highlighting that Bitcoin tends to showcase dismal performances in the third quarter of every year. Perhaps in an effort to give investors hope, however, he wrote that the \u201clackluster performance\u201d has a silver lining: the fourth quarter is historically one of the asset\u2019s best quarters.\u00a0<\/span><\/p>\n

In spite of its most recent quarterly performance, Bitcoin investors will have to wait and see if the top cryptocurrency recovers its early 2023 trend, which has seen the asset on fire. Bitcoin has gained 63% on the year, only one of four to register double-digit gains, and is eclipsing its closest contender, U.S. Large Cap Growth Funds by more than double.<\/span><\/p>\n

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<\/p>\n

Stay on top of crypto news, get daily updates in your inbox.<\/h3>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) scraped the bottom of the barrel in the third quarter of the year, registering a loss of 11.1% for investors, barely beating long-term treasuries, which netted -11.9% over the same timeframe.\u00a0 Greg Cipolaro, Global Head of Research at Bitcoin firm NYDIG, wrote about the crypto\u2019s poor performance and how it defies recent events […]<\/p>\n","protected":false},"author":2,"featured_media":170629,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-170628","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/170628","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=170628"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/170628\/revisions"}],"predecessor-version":[{"id":170631,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/170628\/revisions\/170631"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/170629"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=170628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=170628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=170628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}