On Monday (March 30), Bloomberg reported that “technical gauges are signaling potentially positive developments ahead for battered crypto assets.”
More specifically, this report says that per the GTI Vera Convergence Divergence Indicator, which detcts both positive and negative trends, the Bloomberg Galaxy Crypto Index (BGCI) has “flashed its first buy signal in over three months.”
BGCI is “a benchmark designed to measure the performance of the largest cryptocurrencies traded in USD.” It is “owned and administered by Bloomberg and co-branded with Galaxy Digital Capital Management.” Currently, the index is composed of BTC, ETH, XRP, BCH, LTC, and EOS.
Christel Quek, chief commercial officer and co-founder at Bolt Global, told Bloomberg:
“Central banks continue to print money and route it through expensive networks of people and banks, further inflating debt.
“A decentralized currency and exchange like Bitcoin breaks this cycle of money leakages. I see cryptocurrencies emerging stronger after the pandemic settles.”
And Don Wyper, chief operating officer at DigitalMint, had this to say:
“Bitcoin is much more valuable than its current price, but it is still a relatively new asset class and technology. In the short term, volatility is still the name of the game.”