Bitcoin Surge Shows Rebalancing of Asset Allocation
Dow Jones08-21 21:11
0910 ET - Bitcoin finding its highest levels since May is reshaping how investors are evaluating overall markets. "This year's quiet patch in crypto never reflected a loss of belief in the asset class," says Nigel Green of deVere Group in a note. "It reflected liquidity being pulled elsewhere, into an overheated AI and semiconductor trade." The timing of this while bitcoin has been stuck in rangebound trade all summer is creating the explosive movement, Green adds. "Every one of those pressures is now easing at the same time, and Bitcoin is repricing accordingly." Bitcoin is up 6.2% to $77,194, according to LSEG data. Ethereum rises 2.9% to $2,385, XRP is up 10.8% to $1.37, and solana is up 3.7% to $90.76.
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