Tech Stocks And Crypto Stable As Switzerland Launches Fund Combining Gold And Bitcoin

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Compared to the sheer market rut that tech stocks find themselves in (Netflix, Tesla and many others are down double digit percentages for the year and keep falling), the action seen on the crypto market in the past few days was rather stable. Over in Switzerland, they are now combining gold and bitcoin in a single fund that was  launched on the SIX Swiss Exchange.

At the time of writing, Bitcoin traded at $39,300 and is thus unable to break out of the tight trading range in which it finds itself for a few months almost.

Tech stocks tumble

The tech-heavy Nasdaq Composite dropped 3.95% on Tuesday and hit a fresh 52-week low. On Wednesday we saw a slight rebound. It was mostly the so-called ‘big tech’ stocks (such as Microsoft, Netflix and Alphabet) that were dragging the index down.

The strength in Big Tech stocks in recent years “is likely to burst when fundamentals start to meaningfully deteriorate as the overall economy slows,” Wolfe Research’s Chris Senyek explained on CNBC.

Swiss combine bitcoin with gold

The so-called “new digital gold” Bitcoin has been combined with actual gold in Switzerland this week. The 21Shares ByteTree Bold Index ETP, listed with the ticker BOLD, was launched on the SIX Swiss stock exchange and combines gold with Bitcoin.

“We are making bitcoin an acceptable asset to hold and bringing gold into the 21st century,” explained Charlie Morris, chief investment officer of ByteTree Asset Management, who launched the fund.

“It struck me that bitcoin and gold were always counter cyclical. It’s obvious to me that bitcoin has always been correlated to the stock market, or to risk assets in general,” Charlie added while speaking to the FT.

A similar German listing is expected to follow in a few months.