The correlation between gold and bitcoin has reached its highest levels since August 2016, according to a new study.
Arcane Research, a cryptocurrency-focused data analysis firm, noted a steep direct proportionality between the two rival assets. In a report published on Friday, the firm mentioned that the correlation was “below zero just half a year ago” but strengthened to 0.3 to retest its three-year high.
“This will without a doubt strengthen the “digital gold” narrative for bitcoin,” the report added.
Correlation between Bitcoin and Gold touches 0.3 | Source: CoinMetrics, Arcane Research
The statement followed a similar analysis published earlier this month by Bloomberg. In it, markest analyst Mike Mcglone stated that bitcoin is maturing to become a digital version of gold, citing the cryptocurrency’s timely reaction to the US drone attack that killed a top Iranian military official.
“Bitcoin’s initial reaction to the US airstrike that killed one of Iran’s most powerful generals was a good test of our premise that the first-born crypto is maturing toward a digital version of gold,” wrote Mr. Mcglone.
Bullish Metal
Gold closed above $1,600 during the Wednesday trading session, hitting its best levels in nearly seven years. But it didn’t hold the profits meaningfully because of Donald Trump’s inclination to ease the Middle East crisis. The same was true for bitcoin that gave up part of its gains to suit its correlation with the yellow metal.
It was clear that investors opted out of risk-on markets to focus on gold’s long-standing credibility as a haven asset. But nonetheless, the bullion appeared to have reacted more to US real yields than any interim geopolitical fundamental.
At almost zero, the yield on 10-year Inflation-indexed Treasurys is what that raises investors’ appetite for gold. The more the yields drop, the higher the gold rises. The correlation is not perfect but gives a clear picture of what to expect from the commodity in the long-term.
Relationship between Gold and US Real Yields | Source: TOI
The sinking of yields on the US Treasury bonds in 2019, for instance, prompted gold to register its best year since 2010. And now with the Federal Reserve pursuing an expansionary monetary policy through repo rates, the demand for gold will likely rise.
Bitcoin’s Upside Sentiment Improves
Bitcoin’s effort to get in tandem with gold movements makes it an attractive alternative hedge.
If the conflict between the US and Iran turns severe, the move in both bitcoin and gold could sustain in the near-term. But it would take a more dovish Fed for turning interim rallies into full-fledged breakouts. Investors, traders, and speculators should, therefore, be wary of the direction of the US yields.
A survey conducted by the Wall Street Journal in December found that analysts have mixed opinions on a US yield drop in 2020. The uncertainty surrounding the US-China trade war and economic growth, further accompanied by the US presidential election, is what that is leading the confusion.
That is where Bitcoin and Gold are serving as gap-fillers. And with the former’s euphoric halving in May 2020 – which somewhat coincides with the potential end to the Fed’s repo rate program, makes it a more attractive haven for speculators.
As long as the bitcoin-gold correlation sustains! The post appeared first on NewsBTC. origin »
The OmiseGO (OMG) price has been making new all-time lows for the past six months. In the period between September-November, the OMG price made several attempts at reversing its downward trend. However, it reached its final high on November 14 and has been decreasing since.
Bitcoin staged a sharp price rally this Tuesday as speculators continued to assess the likelihood of a full-blown military conflict between the US and Iran. The benchmark cryptocurrency established a seven-week high of $8,000 on Coinbase, its best level in seven-weeks.
In the past six months after hitting the 2019 high at $13,900, Bitcoin has been falling downwards, although we did see many bouts of surges in between. During this period, Bitcoin has lost 46. 7% of its value.
This Monday, a Bitcoin price gap opened in the CME futures between $7,200 and $7,450 due to weekend volatility in the cryptocurrency market. The thing is, on Monday, the leading cryptocurrency was trading at $7,600, even as high as $7,700, leading some to suggest that the asset was going to leave the CME futures gap.
The past three days have been an absolute whirlwind for Bitcoin, with the price of the leading cryptocurrency whipping between $7,150, $6,400, and everywhere in between, seemingly without rhyme or reason.
XRP's price was hovering between the $0.21-$0.25 range for a long time now. A much-needed breakout to the positive side could be in the offing as XRP bulls take position to take over. The coin was traThe post XRP's bull flag pattern could hoist price high appeared first on AMBCrypto.
Bitcoin registered a growth of over 200 percent, hitting a yearly high of $13,800 following the market's bullish phase between April and June 2019. A lot of factors were identified to have contributedThe post Bitcoin may hit $5000 before re-accumulation ends: Tuur Demeester appeared first on AMBCrypto.
The difference between longs and shorts in Bitcoin is almost at an all-time high. However, this signal has not always been reliable — giving different outcomes on several occasions. After a mediocre start, interest in the Bakkt Bitcoin futures platform has started to pick up.
Our civilization is now on the threshold of the fourth industrial revolution, which will be characterized by a combination of technologies that erases the boundaries between the physical, digital and biological spheres.
Trading on OKEx just became even more exciting following the inclusion of USDT-Margined Futures on the platform. The new virtual derivative product went live today, following an earlier successful simulation that started on November 5, 2019.
Futures on the Dow Jones Industrial Average (DJIA) are flying high Thursday thanks to the favorable trade war-related developments between the U. S. and China. Beijing and Washington have reportedly agreed to remove the trade tariffs in a phased manner.
Digital Asset & Commodity Exchange leverages artificial intelligence and high performance computing technology, optimized towards providing an efficient, secure and compliant marketplace with product solutions for both institutional grade and retail clientele.
McDonald’s stock is up 10% this year after hitting an all-time high in August. Steve Easterbrook’s exit will not lead to a change of strategy according to the incoming CEO. The fast-food chain prohibits even consensual relationships between executives and their juniors.
Healthcare is one of the world’s largest industries, making up between 10 and 20 percent of the GDP of most developed nations. Too little of this money is actually going to patients, however, due to the inefficiencies, errors, bureaucracy, and high administrative costs in the healthcare sector.
Blockchains are entirely transparent when it comes to their daily or even hourly activity. One of the theories for the source of a crypto token’s price discovery is the “network value”, or the transactions carried.
The positive attitude towards the cryptocurrency industry has been constantly growing. Recently, it was predicted that Bitcoin would fare very well in an economic recession. Additionally, the positive sentiment has also spilled over to Bitcoin miners, which have achieved historically high hash rates.
The Litecoin (LTC) price has been decreasing since reaching a high of $147 on June 22. However, during the past 23 days, the price has been trading in a range between $51-$59. When the price moves out of a range, the movement is often done in rapid fashion, whether that is done in an upward […]
The post Litecoin’s Decrease Could Spell Doom for Future Prospects, Says Investor appeared first on BeInCrypto.
Since reaching a high of $13,764 on June 26, the Bitcoin price has been trading inside of a descending wedge. While the price movement was initially very volatile, that has not been the case recently.
Tether is the first and by far most popular stablecoin. According to CoinMarketCap, USDT activity reached an all-time high in August with a market cap exceeding $4 billion. Tether is reportedly used in between 40-80 percent of all transactions on the exchanges Huobi and Binance, the latter of which now offers loans based on USDT […]The post Best Tether (USDT) Wallets: Best Solutions for Hardware, Desktop, iOS and Android appeared first on CaptainAltcoin.
Упоминание альткоинов в заголовках СМИ упало до рекордно низких значений. Об этом свидетельствуют данные аналитиков The TIE. After surging between June and September to an all-time high, mentions of altcoins and altseason in crypto headlines have quickly crashed to an all-time low.
InstaDApp, a portal that simplifies interactions between major DeFi protocols, raised $2. 4 million in seed funding from a line-up of high profile strategic investors. InstaDApp raised a $2. 4 million seed round from a host of strategic investors.
Cryptocurrency exchange Kraken – one of the world’s oldest – has disclosed a bug that apparently allowed certain customers to purchase Bitcoin at $8,000 and sell it for $12,000. Taking to Twitter, the exchange said “a test of an unreleased advanced order type encountered a bug, which resulted in the order’s prices being matched against the wrong side of the book.
Coinspeaker Bitcoin Rally Will Come Only After Surge in S&P 500 Stocks, Says Fundstrat’s Tom LeePopular Bitcoin Bull and Fundstrat exec Tom Lee, has said that there is a correlation between the equity market and the Bitcoin market.
Bitcoin might have outperformed the S&P 500 index on a year-to-date scale, but the cryptocurrency would need to rely on the US equity benchmark to establish its all-time high, according to Thomas Lee of New York-based Fundstrat Global Advisors.
The joint effort between Paxful and CoinLogiq to bring bitcoin ATMs to Colombia follows research demonstrating high demand for BTC in the country.
The post Paxful and CoinLogiq Partner to Bring Bitcoin ATMs to Colombia appeared first on Bitcoin Magazine.
Bitcoin’s push above $10,000 this week is still going strong and had analyst and traders of Crypto Twitter turn bullish. We made as high as $10,850 but has now dropped to $10,600 level with 24 hours gains of 1.
Bitcoin’s recent price performance has provided little inspiration lately. An ongoing range-bound bounce between the high $9k and mid-$10k price levels has not given any clear direction of future movements.
The market chop has continued all week as Bitcoin has oscillated between $11k and the high $9k price ranges. It has not remained in four figures for long but analysts are tending towards bearishness in the short term.
On August 19, the combined SHA-256 hashrate between the BCH and BTC networks touched a massive high of over 91 exahash per second (EH/s). One notable contribution to today’s network hashrates is the manufacturing of next-generation mining rigs that produce a significant number of terahash.
Bitcoin has been trading for a premium of between 8 and 28 percent on the Argentina-facing section of LocalBitcoins. The higher prices compared to those advertised by traders on the peer-to-peer marketplace from the rest of the world highlights that demand is high for Bitcoin in the South American nation.
LiquidLink, the newest decentralized application release from Israeli blockchain platform LiquidApps, promises interoperability between top blockchains Ethereum and EOS. A Twitter announcement posted last week from LiquidApps put it best, stating the following: In other words, by connecting these two high performing blockchains, LiquidApps aims to enable both scalability and improved communications.
The tension between the government of the U. S. and Venezuela has recently skyrocketed. In a move against the Venezuelan president Nicolas Maduro, the U. S. administration decided to freeze all possible Venezuelan assets.
The bitcoin price pierced $12,000 on Tuesday as traders seek refuge from global instability on traditional markets. As global stock markets reel from the escalating trade war between the US and China, Bitcoin has climbed more than 20% in five days, briefly hitting $12,265 on Coinbase.
Bitcoin and the aggregated crypto markets have incurred a significant amount of upwards momentum over the past few days that has allowed BTC to put a significant amount of distance between its current price and its recent lows of $9,100.
The battle between Altcoins and the mighty Bitcoin may never end. For the moment however, it looks like the minority has a leg up. Coming to the end of what has been a tumultuous week for Bitcoin, the altcoins closed on a high.
Astrome is revolutionizing internet delivery through its innovative millimetre wave wireless communication technology. The company aims to launch a constellation of 198 ultra-High Throughput Satellites(ultra-HTS) in Low Earth Orbit called SpaceNet.
The coin was trading between the levels of $1. 800 and $2. 200. Range-bound traders are to buy low and sell high. LSK/USD Long-term Trend: Ranging Resistance levels: $2. 2000, $2. 4000, $2. 6000 Support levels: $1.
The influence of Asian countries on Bitcoin and other virtual assets has been widely recognized this year. The geopolitical unrest between the United States and China during the ongoing trade war has precipitated an increase in Bitcoin interest across the world.
Experts differ on the correlation between the price of BTC and the Bitcoin network’s hash rate. With the hash rate at an all-time high, can we expect the BTC price rally to continue?
At present, there are many obstacles that prevent the purchase of goods with cryptocurrency if the holder does not convert to fiat currency. Adopting many crypto payment networks such as AIGO-Payment can result in cryptocurrency holders being able to transact directly with traders without having to go through additional banking layers.
In amidst a tense trade dispute between the U.S. and China, the Dow Jones has achieved a new all-time high at 26,966 points, closing on 27,000 points. U.S. President Donald Trump said: Today’s Stock Market is the highest in the history of our great Country! This is the 104th time since the Election of 2016 […]
The post Trump Celebrates Stocks Smashing Record Highs as Dow Flirts 27,000 appeared first on CCN Markets
It is becoming more uncertain where Bitcoin is headed as the price has been moving sideways for days now. This is coming after high hopes that Bitcoin was going straight to $20,000 and then forming an entirely new all-time high within a short time.
By 2020, a large group of West African countries plan to adopt a single fiat currency called the eco. After a meeting in Abuja held on June 29 between the 15 member-country regional bloc, the implementation of a new single currency, after debating the monetary unit for years, was agreed.
The spread between the price of bitcoin on South Korean and U.S. exchanges reached as high as $1,000 this weekend, a sign market inconsistencies are returning with price action.
Bitcoin has had a tumultuous week, with the cryptocurrency fluctuating between bullish highs and bearish lows. The cryptocurrency opened the previous week comfortably above the $12,000 mark. However, at press time, the world’s largest digital asset was struggling to stay above the $11,000 mark after an eight percent drop.
All this week, Bitcoin price action has been heating up, bringing traders the most volatility seen since the last bull run. The price of the leading crypto asset by market cap violently bounced back and forth between $10,500 and $13,000 for much of yesterday after it was rejected at overhead resistance at $14,000.
The Dow and broader U. S. stock market traded in positive territory on Friday, as investors turned their attention to an upcoming meeting between President Trump and China’s Xi Jinping, The meeting, which is scheduled for Saturday in Japan, wraps up a highly volatile quarter that required central-bank intervention to ease pressure off the stock market.
The United States could acquire over 1 million Bitcoin in five years if the authorities were to sell 15% of the country’s gold reserves, analysts estimate. Selling 15% of its gold reserves could enable the U.S. to acquire 1.05 million…
Bitwise has launched a new exchange-traded product balancing Bitcoin’s growth potential with gold’s defensive characteristics. Crypto asset manager Bitwise has launched a new ETP product that combines Bitcoin (BTC) and gold, dynamically adjusting allocations based on market conditions. In a…
Bloomberg just launched two new investment indices that combine Bitcoin and Gold (BBIG and BBUG), making them among the first multi-asset indices to combine digital assets with traditional commodities.
Robert Kiyosaki, the “Rich Dad Poor Dad” author, anticipates a potential price decline in Bitcoin and precious metals as Trump’s new tariff policies take effect. Rather than viewing this as a market negative, Kiyosaki plans to use any price drops…
Bitcoin ETFs launched with high expectations in 2024. One year later, we analyze their performance, market influence, and whether they’ve lived up to the hype.
If there’s one crypto asset that is expected to make it big this 2025, it has got to be Bitcoin. The premiere crypto has demonstrated remarkable success as it ushers in 2025. Registering solid numbers in the last few weeks, analysts have high hopes that it can make further breakthroughs.
Cathie Wood, who is the CEO and chief investment officer of Ark Invest, made a prediction during an interview with Bloomberg, suggesting that Bitcoin will hit a price of $1 million by 2030.
