Bitcoin ended the first quarter of 2020 down from the start of the year, but not as badly as the record-setting losses suffered by global equities.
Notable assets on CoinDesk’s big board include decred (DCR) up 3 percent, XRP (XRP) in the green 2 percent and cardano (ADA) gaining 1 percent. Assets in the red included dash (DASH) slipping 1 percent and bitcoin SV (BSV) in the red 1 percent. All price changes are in the past 24 hours as of 20:30 UTC (4:30 p.m. ET) on March 31.
In the traditional markets, Japan’s Nikkei 225 index closed down slightly, less than a percent. Europe’s FTSE 100 ended the day up 1.3 percent. In the U.S., the S&P 500 closed New York’s trading day down 1.6 percent.
But for the full quarter, the Nikkei 225 was down 20 percent, the worst three-month showing for the Tokyo-based index since 2008. The FTSE lost 14 percent for the period, its second-worst quarterly performance ever, beating only the fourth quarter of 1987. The S&P 500 was in the red 18 percent to close out Q1 2020, its worst quarter since 1938.
Cryptocurrencies operate 24/7 and don’t have quarters for closing the books. However, bitcoin, the market bellwether, was down just 10 percent for 2020’s first three months.
Despite its relative resilience, bitcoin still has been trending downward over the course of the first quarter along with traditional markets, undermining the narrative that it is a “non-correlated” asset.
“I think correlation across assets is still quite high, a telltale sign of when macro matters more than micro,” said Vishal Shah, founder of Alpha5, a new derivatives exchange backed by large crypto funds.
Indeed, the current period of turbulence isn’t…