A bitcoin comeback may be underway.
Just as the cryptocurrency was kicking off its latest winning week, ProShares’ Simeon Hyman was emphasizing a bullish bitcoin trend on CNBC’s “ETF Edge.”
“If you look at bitcoin, it’s up a little bit and equities are down [since the Iran war began,]” the firm’s global investment strategist said on Monday.” “So, I think the diversification story really holds in in this current environment.”
As of Friday’s market close, bitcoin gained 5% this week — with most of the gains coming over a 24-hour period. Plus, it’s up roughly 8% since the Iran war started on Feb. 28.
Meanwhile, the S&P 500 and gold are down more 3% since the war with Iran began, and the tech-heavy Nasdaq is off more than 2%.
ProShares is active in the cryptocurrency space — operating more than a dozen cryptocurrency ETFs. It launched the ProShares CoinDesk 20 Crypto ETF (KRYP) last month. It’s up nearly 5% since the Iran war began, but the fund is off about 7% since its early February debut.
Despite bitcoin’s recent strength, it’s still down more than 40% from its record high of $126,198 reached last October.
Bitcoin’s volatile year
Main Management founding partner and CEO Kim Arthur thinks bitcoin is in a classic crypto winter — a so-called phenomenon that tends to happen every four years. According to Arthur, it’s in the bottoming stage.
“Bitcoin was trading at $125,000 five months ago. So, it was down 50-plus percent when this conflict erupted,” he said in the same interview. “I do like the fact that it’s outperformed a lot of other asset classes [since the war,] but… you have to widen the lens a little bit on that.”
Arthur, who has exposure to bitcoin, indicates he’s taking a passive investing approach to the cryptocurrency right now.
“For myself as an asset allocator and a portfolio manager… I look at bitcoin as my benchmark, and then I bench everything else against that,” said Arthur, who added bitcoin has been an extremely difficult master to beat particularly since 2021.
The digital currency has gained about 15% over the past five years.
CNBC
US President Donald Trump defended Iran negotiations Sunday, saying critics “don’t know deal details” and…
Iran appears to be in the process of “blinking” over the Strait of Hormuz, according…
The annual Hajj pilgrimage, one of the Five Pillars of Islam, officially began on Monday,…
A Liverpool without Mohamed Salah and Andy Robertson is hard to comprehend, however well signposted their exits…
I’m utterly devastated and have already shed tears,” says Manchester City fan Sophie Hope. There is a…
EDECS group, , a leading EPC contractor in the MEA region, has been awarded the…