From Investing.com: 2024-05-11 16:30:20

Bloomberg intelligence strategist Mike McGlone notes a trend in the crypto market involving Bitcoin, gold, and the S&P 500. The Bitcoin/gold cross is slumping in relation to the S&P 500, signaling potential implications for risk assets post-SEC approval of spot Bitcoin ETFs. Inflows into Bitcoin ETFs have slowed, influencing Bitcoin’s performance against gold and S&P 500.

Following its halving event in late April, Bitcoin saw a price drop to around $57,000, the lowest in two months. This sell-the-news event historically leads to choppy price action in the short term. Despite a 20% drop from the all-time high in March, Glassnode suggests that the overall uptrend remains strong with shallow corrections.

Read more at Investing.com: Bloomberg Strategist Presents Warning for Crypto per Bitcoin/Gold Cross By U.Today