The S&P 500 also traded lower on Friday, and is on track for its worst start to a year since 1942.
Bitcoin is underperforming the S&P 500 and gold year to date, but is slightly ahead of long-term Treasury bonds as shown in the chart below.
Typically, investors reduce their exposure to speculative assets such as stocks and cryptos during times of uncertainty – and bond returns fall when rates rise.
24 low around $33,000, compared with the S&P 500, which is trading lower so far this year.
The CoinDesk 20 filters thousands of cryptocurrencies and digital assets to define a core group of 20 by market cap, trading volume and other factors.
The dog themed meme-coin erased most of its gains over the past few days, although it was still well ahead of Shiba Inu’s SHIB token’s 18% loss over the past 30 days.
Meanwhile, BTC and ETH experienced less selling pressure than other alternative cryptos in April.
Historically, bitcoin has generated an average return of 17% in May.
For example, technical indicators point to a period of stabilization, albeit with limited upside in price.
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