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Bitcoin Outperforms NASDAQ, S&P 500, Dow Jones, and Gold Combined

Tue, 03/07/2023 - 07:01
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Alex Dovbnya
Bitcoin has surpassed the NASDAQ, S&P 500, Dow Jones, and gold combined in terms of year-to-date return
Bitcoin Outperforms NASDAQ, S&P 500, Dow Jones, and Gold Combined
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Bitcoin, the flagship cryptocurrency, has outperformed the tech-heavy NASDAQ as well as the S&P 500 and Dow Jones indices, according to data from MarketWatch.

Image by @MarketRebels

As of March 6, Bitcoin's year-to-date return stood at 32.23%, far exceeding the performance of the major stock indices and gold.

The NASDAQ Composite gained 12.41%, the S&P 500 rose 5.86%, and the Dow Jones edged up by 0.12% this year.

Meanwhile, gold had a YTD return of only 1.17%, greatly underperforming Bitcoin. 

Bitcoin and other cryptocurrencies remained relatively unchanged on Monday, holding at their lowest levels since early February.

The recent sluggish performance of the bellwether cryptocurrency is linked to concerns about growing regulatory pressure. 

The recent implosion of crypto-friendly bank Silvergate Capital has raised fears that crypto businesses may struggle to access banking services in the US.

Additionally, increasing investor concern about inflation and interest rates may also be influencing demand for digital assets.

Technical analysis shows that the "death cross" phenomenon is occurring in Bitcoin's chart, which could indicate a bearish outlook for the near term.

The stock market had a mixed day on March 6. The stock market is currently awaiting Federal Reserve Chair Jerome Powell's congressional testimony on monetary policy, which is expected to guide investors and lawmakers on how the central bank is thinking about inflation and its rate-hiking campaign.

Gold, which is often seen as a safe-haven asset, had a weekly gain of around 0.54% as of March 6. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at