The gains in efficiency amid a period of solitude in global markets following savage selloffs in stocks, bonds, and commodities in the face of dramatically tightening monetary policy to combat inflation and fears of a recession.
Over the last month, digital tokens have outperformed traditional assets, raising hopes that the worst is over for crypto: the MVIS CryptoCompare Digital Assets 100 Index lost about 1% during that time period, compared to losses of 6% for global bonds, over 10% for global stocks, and 11% for commodities.
Katie Stockton, founder of Fairlead Strategies LLC, a technical analysis research business, stated in a letter on Monday:
“Our short-term gauges support a rebound this week,” Katie Stockton, founder of Fairlead Strategies LLC, a research firm focused on technical analysis. However, we only feel comfortable moving to a short-term neutral stance because we expect the bounce to fail quickly.”
Bitcoin is almost worth $20,000, a far change from it’s all-time high of around $69,000 set in November of last year. According to CoinGecko statistics, the global market value of digital tokens is $2 trillion lower than the high in 2021.