The crypto market’s once-handsome 2023 lead over stocks is cracking as Bitcoin holds a retreat below $30,000.
The year-to-date climb in a gauge of the top 100 digital tokens has cooled to 46%, not far above a 42% jump in the Nasdaq 100 Index of tech stocks. Hype over artificial-intelligence products has boosted the equity measure, which briefly topped the MVIS CryptoCompare Digital Assets 100 Index in June.
Digital assets earlier got a boost from a court setback for a US regulatory crackdown and optimism that the nation may allow spot Bitcoin exchange-traded funds. Those drivers have ebbed and investors are now assessing how an expected Federal Reserve interest-rate hike this week may affect markets.
Read the full story on Bloomberg here.