Bitcoin (BTC) and US stocks entered their strongest seasonal month of the year.
According to data from crypto service provider Matrixport, in April, Bitcoin was profitable in six of the last ten years, with an average return of over 17%. Over the past decade, April has been Bitcoin’s best month of the first half of the year and its third best month of the year.
Similarly, the S&P 500, the leading index of US stocks, has been profitable in eight of the last ten years, with an average return of 2.6%.
“The recent rally in US stocks should have a positive knock-on effect for crypto assets, especially US stocks (S&P500: +2.6%, Nasdaq: +2.9%), Bitcoin: +17%, Ethereum: +46%. We are having a strong April,” said Markus Thielen, Head of Research and Strategy at Matrixport.
“Our big theme for 2023 is coming to fruition: inflation will fall. All risk assets should rise.”
Bitcoin surged 23% in March, reaching a year-to-date gain of 67%. The S&P 500 is up 7% year-to-date. The U.S. Department of Commerce announced on March 31 that growth in consumer spending in February slowed down. Expectations have risen that it will lead to a reduction in monetary tightening by the US Federal Reserve Board (Fed).
｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Original: April Seasonality in Favor of Bitcoin and Stocks
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