RATE Group | Bitcoin Rises Above $10K for First Time in 25 Days as Protests Roil US Cities
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Bitcoin Rises Above $10K for First Time in 25 Days as Protests Roil US Cities

02 Jun Bitcoin Rises Above $10K for First Time in 25 Days as Protests Roil US Cities

Posted at 01:24h in Bitcoin News by

The old Wall Street maxim “sell in May and go away” is detrimental to bitcoin investors, market data from Messari suggests.

The largest cryptocurrency generated positive returns during eight of the past 10 Mays, outperforming its monthly average for that year during six of them. 

“Sell in May” refers to an old investment strategy that advises against holding investments during summer months, starting in May. While there may be truth to the adage for traditional markets, some bitcoin investors don’t give the idea much credence. 

“It’s just a meme to me,” said Qiao Wang, a cryptocurrency startup investor and former quantitative trader at Tower Research. 

Read More: Bitcoin News Roundup for June 1, 2020

In May of last year, for example, bitcoin’s price gained more than 54% while the 2019 monthly average return was less than 8%. Bitcoin climbed almost 9% last month, just above the year-to-date monthly average of roughly 8.5%.

“It seems clear to me that you want to buy…

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