The first half of 2024 saw impressive gains across major asset classes, fueled by expectations of rate cuts and strong economic performance. **US equities** led the charge, with the **SPDR S&P 500 ETF Trust (SPY)** gaining **14.5%**, driven by **AI optimism** and **falling inflation**. **Emerging markets**, represented by **iShares MSCI Emerging Markets ETF (EEM)**, had a mixed performance, diverging from the US market initially but later aligning before diverging again. **Gold**, benefiting from expectations of a weaker dollar, saw a surge reaching **$2,464.50** in May before retracting. **Bitcoin**, after a strong 2023, experienced a volatile ride in 2024, reaching an all-time intraday high of **$74,415** in March before pulling back to around **$63,000**.  An investment of **$1,000** at the end of 2023 would have yielded **$1,152.20** in **SPY**, **$1,066.70** in **EEM**, **$1,127** in **Gold Futures**, and **$1,483** in **Bitcoin**, demonstrating Bitcoin's significant outperformance.

The equity market has been on a tear this year and what makes the gain all the more delectable is the fact that it has come on top of a very strong performance in 2023. <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39384664/fed-will-cut-interest-rates-but-when-most-investors-agree-it-wont-be-july-bank-of-a">Hopes of global central banks beginning to reverse rate hikes</a> and resilient economic performance were among the key factors that helped sustain the upward momentum.
Here is a look at how returns from major asset classes stacked up in the first half of the year:
US Equities: The U.S. equity market got off to a solid start in 2024 and rallied through late March. After a brief consolidation, the overbought market reversed course, selling off until late late-April. The market began a renewed upward push thereafter and closed the half year with a healthy gain of 14.5%.
The index gained about 10% in the first quarter and a more modest 3.9% in the second quarter.
The market did face a threat to its upward momentum in the second quarter as inflation that was tracking a downward trajectory since peaking in June 2021 began to reverse course. This in turn reduced the odds of a rate cut materializing in 2024, jeopardizing ...<a href=https://www.benzinga.com/markets/cryptocurrency/24/07/39569269/spy-vs-eem-vs-gold-vs-bitcoin-if-you-had-invested-1-000-in-each-of-these-asset-classes-at- alt=SPY Vs. EEM Vs. Gold Vs. Bitcoin: If You Had Invested $1,000 In Each Of These Asset Classes At End Of 2023, Here&#039;s How Much You&#039;d Have Now>Full story available on Benzinga.com</a>

Loading...Loading...The equity market has been on a tear this year and what makes the gain all the more delectable is the fact that it has come on top of a very strong performance in 2023. Hopes of global central banks beginning to reverse rate hikes and resilient economic performance were among the key factors that helped sustain the upward momentum.Here is a look at how returns from major asset classes stacked up in the first half of the year:US Equities: The U.S. equity market got off to a solid start in 2024 and rallied through late March. After a brief consolidation, the overbought market reversed course, selling off until late late-April. The market began a renewed upward push thereafter and closed the half year with a healthy gain of 14.5%.The index gained about 10% in the first quarter and a more modest 3.9% in the second quarter.The market did face a threat to its upward momentum in the second quarter as inflation that was tracking a downward trajectory since peaking in June 2021 began to reverse course. This in turn reduced the odds of a rate cut materializing in 2024, jeopardizing the very premise behind the market rally.Inflation has since then cooled off, allaying worries. The annual rate of the personal consumption expenditure index – considered the Federal Reserve’s favorite inflation gauge fell to a three-year low, data released last week showed.Another important facilitating factor is the optimism behind artificial intelligence technology. Analysts are confident that this technology will rule the roost for years to come and strengthen the fundamentals of companies that have leverage to the technology. AI is also expected to help improve productivity and also slow down inflation.See Also: How to Buy Stocks Like a ProEmerging Markets: Taking the iShares MSCI Emerging Markets ETF EEM as the proxy, the performance of the emerging markets, diverged with the U.S. market at the start of the year. Subsequently, the emerging markets lock-stepped with the U.S. market before beginning to diverge yet again since the start of June.Among the developing markets, the Indian benchmark is up 9.85% for the half-year, and China’s Shanghai Composite Index gained a more modest 0.70%, weighed down by growth concerns. Brazilian stock market gauge, IBOVESPA, is down 7.7% so far this year.Gold: The yellow metal was on a tear for much of the first half of the year, capitalizing on expectations that the prospects of a Fed rate cut would weaken the dollar. A weaker dollar is positive for assets denominated in the currency such as gold.Gold futures peaked at $2,464,50 on May 20 and have pulled back from the level since then.Bitcoin: After outperforming most financial assets in 2023, Bitcoin BTC/USD went about a volatile ride so far this year. The apex crypto, which ran up ahead of the spot Bitcoin approval earlier this year, saw some moderation in buying interest immediately after the materialization of the catalyst.The crypto picked up momentum shortly after and hit an all-time intraday peak of $74,415 on March 14. After pulling back from the high, Bitcoin reversed course and unsuccessfully attempted to break above the high in early June. Since then, it has retreated and it currently trades around the $63K mark.The Returns: Taking the SPDR S&P 500 ETF Trust SPY as a proxy for the U.S. equities, and EEM as a proxy for emerging market equities, here’s how returns compare:Returns from $1,000 Invested At End-2023Current value of investmentSPY+15.22%$1,152.2EEM+6.67%$1,066.7Gold futures+12.70%$1,127Bitcoin+48.30%$1,483The SPY settled Friday’s session at $544.22, down 0.39%, according to Benzinga Pro data.Read Next: S&P 500 Ends First Half Shy Of All-Time Highs. Here Are The Leaders And Laggards — And 5 Stocks That Could Outperform In Next 6 MonthsPhoto courtesy: ShutterstockMarket News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

SPY Vs. EEM Vs. Gold Vs. Bitcoin: If You Had Invested $1,000 In Each Of These Asset Classes At End Of 2023, Here's How Much You'd Have Now

SPY vs. EEM vs. Gold vs. Bitcoin: How $1,000 Invested In Each In 2023 Fared

Everything is on track, the cycle repeats itself, and the fourth quarter of 2025 is shaping up to be intense. If you take a look around in the crypto sector right now, you'll notice: Many companies and investors are preparing for a hot autumn. An autumn that could bring new **all-time highs** for Bitcoin, but also for altcoins like Ethereum, Solana, or Dogecoin.

And that's even though Bitcoin has already climbed this year—first to about $110,000 following Donald Trump's re-election and then to $124,000 in mid-August.

Still, many analysts believe: The real breakthrough is yet to come. Some go so far as to predict that under optimal conditions, BTC could more than double to **$250,000** this year—while others expect a worst-case scenario that could see a drop down to $64,000.

## Why Are So Many Bullish?

But the crypto market isn't actually that bullish yet. Whether you check [CoinMarketCap](https://coinmarketcap.com/charts/fear-and-greed-index/) or [Alternative.me](https://alternative.me/crypto/fear-and-greed-index/): The **Fear & Greed Index** has mostly been neutral in recent weeks. Investors are neither particularly hesitant about buying crypto nor overly enthusiastic.

This is also reflected in the tracker for a possible altcoin season. Such a season would occur when 75% of the top 100 coins outperform Bitcoin over the past 90 days. That's nowhere near the case—currently, just "52" altcoins have performed better than BTC in the last three months.

So, basically: Despite Bitcoin's price at $124,000, there's no real euphoria yet. Two scenarios are possible: Either many think that 2025's highs are already behind us, or—on the contrary—the best phase for Bitcoin and co. in 2025 is yet to come, namely in the fourth quarter that begins in a few weeks.

![Image showing market data](https://www.trendingtopics.eu/wp-content/uploads/2025/09/Bildschirmfoto-2025-09-08-um-16.40.35.png)

## What Is Expected for Q4 2025

Several events are frequently cited when discussing the future price development of cryptocurrencies:

- **Another cut in U.S. interest rates in mid-September:** The expected rate cut by the U.S. Federal Reserve could spark a "risk-on" environment favorable for cryptocurrencies like Bitcoin.
- **Uptober & Pumpvember:** Historically, the fourth quarter often brings upward trends and price gains for Bitcoin and altcoins—after rather mixed summer months. This may be due to traders returning from summer holidays and becoming more active. Still, many warn against relying too much on past trends.
- **New altcoin spot ETFs get approved:** The U.S. SEC is currently reviewing 92 applications for crypto-based ETFs, including products for Dogecoin, Solana, XRP, and Litecoin. If some are approved, it could attract interest from institutional investors.
- **The halving effect kicks in:** The Bitcoin halving, which occurs every four years, leads to reduced new BTC issuance, meeting rising demand. Historically, new all-time highs have followed 12–18 months after previous halvings. If history repeats, BTC should hit a new ATH in 2025, between April and October. This means: Either another new record is coming, or the August ATH at $124,000 was already it.

Or: Everything turns out differently. The still-popular **Stock-to-Flow (S2F)** pricing model for Bitcoin is currently far off target. If BTC were truly following the four-year cycle, it should now be trading at $367,000 per coin—but it's not. S2F is massively off; BTC is currently only about a third of that value, at $112,000.

![Image showing S2F model discrepancy](https://www.trendingtopics.eu/wp-content/uploads/2025/09/Bildschirmfoto-2025-09-08-um-16.33.39.png)

## Crowd at the Exchange Ahead of October

Despite everything, many companies are betting heavily on Q4 2025—as can be seen at the stock exchange. Since the "GENUIS Act" (see Circle) stablecoin law in the U.S. and further crypto initiatives by the Trump administration, crypto companies have been lining up to go public. Here's an overview:

- **CoinShares** (asset manager): Aiming to go public via SPAC (Vine Hill) at a $1.2 billion valuation in Q4 2025
- **Figure Technologies** (blockchain lending): IPO planned in September 2025 with a valuation of up to $4.1 billion
- **Gemini** (exchange): The Winklevoss twins' crypto exchange aims for an IPO with a target valuation of $2.22 billion (September 2025)
- **Circle:** The USDC stablecoin maker already has a market cap of about $28 billion (IPO in June 2025)
- **Bullish:** The crypto exchange backed by Peter Thiel is currently valued at around $7.5 billion (IPO in August 2025)
- **Bitpanda:** The Austrian crypto broker is seeking a stock listing; both Frankfurt and New York are in the running
- **BitGo:** As reported, the crypto custody specialist has also filed documents for a U.S. IPO

Naturally, companies have different reasons for going public, and the business models of listed firms vary widely. But if they all believed Bitcoin's ATH for 2025 was already reached in August—they would hardly be scrambling to go public via IPO or SPAC.

## Bitcoin Cycle Repetition Is Very Questionable

Will history repeat itself, with Q4 bringing a new all-time high for Bitcoin and a strong signal for the wider crypto market? Not everyone thinks so. Bitcoin analyst PlanC ("Bitcoin Quantile Model") is already warning against betting on Q4 2025:

"Anyone who thinks Bitcoin has to peak in Q4 of this year does not understand statistics or probability. The halving is completely irrelevant at this point, and there is zero fundamental reason—other than a psychological, self-fulfilling prophecy—for the peak to occur in Q4 2025. From a statistical and probability standpoint, it is equivalent to flipping a coin and getting tails three times in a row, then betting all your money that the fourth flip MUST BE tails." – [PlanC](https://alternative.me/crypto/fear-and-greed-index/)

So, it's just as possible that BTC already hit its 2025 peak in the summer because the market priced in an expected autumn rally—and nothing happens in the fall. That would be in line with an old saying that has often proven true in the crypto sector: "Buy the rumors, sell the news."

<iframe src="https://open.spotify.com/embed/show/4mgul52BUTHdH8CDetXwic" loading="lazy" width="100%" height="232" frameBorder="0" allowfullscreen="" allow="autoplay; clipboard-write; encrypted-media; fullscreen; picture-in-picture"></iframe>

Everything is on track, the cycle repeats itself, and the fourth quarter of 2025 is shaping up to be intense. If you take a look around in the crypto

Is Q4 2025 the Key to Bitcoin's Next All-Time High? Here's Why Experts Are Betting Big

## EasyJet Founder Launches Bitcoin-Trading App

Stelios Haji-Ioannou, the founder of easyGroup, is making a splash in the cryptocurrency world with the launch of the **easyBitcoin app** this month. Known for budget airline easyJet, his venture into crypto is driven by a mission of **financial empowerment**.

### A New Player in a Crowded Market

This app results from a brand licensing deal with Uphold, a well-known crypto exchange. It joins over 350 brands under the easyGroup umbrella, which includes diverse businesses like gyms, coffee shops, and waste disposal firms. Haji-Ioannou emphasizes that investing in Bitcoin has often felt like an **exclusive club** with high transaction costs, and he aims to change that by making it accessible to the general public.

### Features and Competition

The easyBitcoin app allows users to **buy Bitcoin** and earn rewards on their investments. Rewards include a **1% welcome bonus** and a **4.5% annual percentage yield** on USD balances. Simon McLoughlin, CEO of Uphold, believes this rewards system will attract people who are aware of Bitcoin but haven't yet started investing.

However, the crypto space is increasingly competitive. Established players like Coinbase and Kraken have long offered crypto-trading services. With the Trump administration's pro-crypto policies encouraging more entrants, easyBitcoin will face off against fintech giants such as Robinhood, Revolut, and PayPal.

### Market Context

Bitcoin recently hit a record high of **$124,128** in August, fueled by optimism over Trump's policies. However, uncertainty from tariff wars has caused a nearly **10% decline** from that peak, highlighting the volatile nature of the market.

Stelios Haji-Ioannou is launching a Bitcoin app. His company easyGroup is best known for budget flights.  The launch comes as crypto is becoming increasingly crowded. 

EasyJet Founder's Bold Move: New Bitcoin App Aims to Democratize Crypto Trading for Everyone

# DC Sues Crypto ATM Operator Over Widespread Scams and Hidden Fees

D.C. Attorney General Brian L. Schwalb has filed a lawsuit against **Athena Bitcoin, Inc.**, accusing the company of **financially exploiting** District residents through its cryptocurrency ATMs. The lawsuit alleges that **93% of deposits** made into Athena's Bitcoin Teller Machines (BTMs) were linked to scams, with many targeting **seniors and vulnerable individuals**.

According to the Office of the Attorney General for the District of Columbia (OAG), Athena knowingly profited from **illegal, hidden fees** while failing to implement adequate anti-fraud protections. Officials found that nearly half of all deposits at Athena's seven D.C. machines were flagged as fraudulent.

Key findings from the company's first five months of operations in D.C. include:
- **93% of all Athena BTM deposits** were the direct result of scams.
- Nearly half of all deposits were reported to Athena as fraudulent.
- The victims' **median age was 71**, highlighting the targeting of elderly residents.
- The median amount lost per scam transaction was **$8,000**, with one victim losing a total of **$98,000** in multiple transactions over several days.

Attorney General Schwalb stated, "Athena's bitcoin machines have become a tool for criminals intent on exploiting elderly and vulnerable District residents. Athena knows that its machines are being used primarily by scammers yet chooses to look the other way so that it can continue to pocket sizable hidden transaction fees."

The OAG also claims that Athena charges fees of up to **26% per transaction** without clear disclosure, compared to typical fees of 0.24% to 3% on other platforms. In June 2024, Athena added a reference to a "Transaction Service Margin" in its Terms of Service, but the magnitude was never disclosed, and the word "fee" was not mentioned.

Additionally, Athena enforces a **"no refunds" policy** for scam victims and requires them to sign a release that absolves the company of liability, blaming victims for not heeding onscreen warnings.

The lawsuit alleges violations of the District's Consumer Protection Procedures Act and the Abuse, Neglect, and Financial Exploitation of Vulnerable Adults and the Elderly Act. Schwalb's office is seeking **restitution for victims**, civil penalties, and an order to change Athena's business practices.

Resources for District residents include information on detecting and reporting abuse, contacting Adult Protective Services, filing police reports, and reaching out to OAG's Civil Rights and Elder Justice Section.

D.C. Attorney General Brian L. Schwalb filed a lawsuit against Athena Bitcoin, Inc., accusing the company of "financially exploiting" D.C. residents.

DC Attorney General Sues Crypto ATM Giant for Exploiting Vulnerable Residents with Shocking Scam Rates

# Cryptocurrency: Financial Cocaine for the Middle Classes?

In a provocative piece by Joe Humphreys, published in The Irish Times, the author draws a stark comparison between **cryptocurrency** and **cocaine**, labeling it as a dangerous addiction for the middle classes. This opinion piece raises alarms about the potential for another global economic crash, questioning whether it could be worse than the last one.

## The Analogy to Addiction

Humphreys argues that much like cocaine, cryptocurrency offers a high-risk, high-reward allure that can lead to financial ruin. He suggests that the middle classes, in search of quick wealth, are being drawn into speculative investments without fully understanding the risks. This behavior, he claims, mirrors the destructive patterns seen in drug addiction, where short-term euphoria masks long-term consequences.

## Economic Implications

The article delves into the broader economic context, pointing out that it has only been a few years since the last major financial crisis. Humphreys warns that the unregulated and volatile nature of **cryptocurrencies** could exacerbate economic instability, potentially triggering a more severe downturn. He emphasizes the need for caution and regulatory oversight to prevent a repeat of past mistakes.

## A Call for Awareness

Through this critical lens, the piece serves as a wake-up call, urging readers to reconsider their investment strategies and the societal impact of widespread cryptocurrency adoption. It challenges the narrative of crypto as a harmless innovation, instead framing it as a potential catalyst for economic disaster.

Unthinkable: It’s only a few years since the last global economic crash. Will the next one be worse?

SPY vs. EEM vs. Gold vs. Bitcoin: How $1,000 Invested In Each In 2023 Fared

Summary:

US equities surged in the first half of 2024, with the SPY gaining 14.5%.

The rally was driven by optimism surrounding AI technology and cooling inflation.

Emerging markets initially diverged from the US market but later aligned before diverging again.

Gold saw a significant rise fueled by expectations of a weaker dollar, reaching $2,464.50 in May before retracting.

Bitcoin had a volatile ride in 2024, reaching an all-time intraday high of $74,415 in March but pulling back to around $63,000.

An investment of $1,000 at the end of 2023 would have generated $1,152.20 in SPY, $1,066.70 in EEM, $1,127 in Gold Futures, and $1,483 in Bitcoin.

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