Gold price seemed to react immediately to the lessened risk of tensions between the US and Iran today. Gold bullion has now dropped from its recent highest peak since 2013, as investors seemingly switch to more risky assets.
Gold Price Rose in 2019, Still Outpaced by Crypto Gains
Gold price has reflected a belief in economic uncertainty, gaining in 2019 on a series of geopolitical conflicts, ranging from the US-China trade talks, to the military strike against Iran at the start of 2020.
Historically, Bitcoin (BTC) has behaved somewhat similar to gold price, rising whenever interest in stocks diminish. Still, BTC prices are much more volatile and unpredictable, as they are also fighting to establish support and resistance levels on a shorter time scale.
We could easily see #BTC at $50,000 in 2020 and it would still be only 10% of gold’s market cap.With China launching a digitized yuan & the West lagging behind, we truly live in interesting times.Thanks to @mattmiller1973 for the invigorating discussion!https://t.co/rNz1FZk5L7
— Antoni Trenchev (@AntoniNexo) January 3, 2020
Gold price has been spiking since the start of the new year, rising from $1,559 per ounce, up to around $1,571 per ounce. The asset has been less volatile in comparison to crypto assets, and its gains have been far more conservative. Gold may also move more dramatically on the scale of decades, as it tracks higher nominal prices across asset classes.
The recent slide from the recent peak is still small, as gold price only decreased to around $1,159. The prices calmed down as US President Donald Trump gave hopes of renegotiating the 2015 nuclear deal with Iran.
The Iranian regime announced it would stop honoring the deal after a military strike killed army general, Qassem Soleimani.
Bitcoin Retests Resistance at $7,900
During the last days of geopolitical tension, BTC market prices started testing new resistance levels around $7,900. BTC briefly touched prices close to $8,000 again, but retreated to $7,387.67 as volumes expanded to above $25 billion in the past day.
The relationship between BTC and gold price remains uncertain as gold is the older and more traditional asset class, and attracts a different type of investor.
In the meantime, stock markets remain relatively flat, with NASDAQ above 9,000 points again. With a swiftly changing situation, asset classes may remain volatile, and it is difficult to predict which direction the prices will take. Crude oil is around $62.65, gradually rising from lows of $53 a few months ago.
The price swing for BTC revealed that 2020 may be a dynamic year for the crypto space. With well-established futures and options markets, BTC is more equipped to react with or against mainstream assets.
What do you think about gold price performance? Share your thoughts in the comments section below!
Images via Shutterstock, Twitter @AntoniNexo The post appeared first on Bitcoinist.com. origin »
While gold hits a record price at $2,848 per ounce, more and more financial experts and professionals voice their preference for Bitcoin over gold. In a commentary to Livewire Markets, CEO and founder of the Nasdaq-listed tech company IREN Daniel…
Bitcoin’s record-breaking price streak to nearly $90,000 has positioned the top crypto asset ahead of silver and gold in key market metrics. Data tracked by TradingView showed that gold is on a downward slope.
Bitcoin’s 30-day correlation with gold is at cycle lows after BTC price action in 2023. BTC has outperformed the precious metal even as its correlation with stocks also fell. Gold traded near $1,928 per ounce while silver price was at $22.
Tokenized gold is a type of stablecoin that pegs its price to gold, while the tokens on the blockchain represent ownership of physical gold managed by the issuer.
Despite gold’s longstanding status as an alternative store of value, the commodity continues to experience unusual price variations in countries like South Africa and Zimbabwe. In turn, such price variances, as well as the rampant smuggling of the commodity, are distorting the precious metal’s actual production figures.
Anthony Scaramucci’s fund, Skybridge Capital, says that for Bitcoin to overtake gold and dominate as a store of value, its price must reach $535k. Bitcoin Must Rise 121X to Overtake Gold As per their investment deck published on Jan 4, this 121X expansion in the BTC/USD price will translate to a market cap of overRead More
When Gold’s price drops, does Bitcoin have something to do with it? Gold's price has dropped by over 1. 5% today and Bitcoin and is down by over 2%. Over the last week, Gold's price has dropped 0.
The gold price is once again approaching its local high of close to $17,000. Long-time Bitcoin advocate and Galaxy Digital CEO Mike Novogratz is expecting the rise to continue into the future. As BeInCrypto reported last week, the price of gold took a serious hit as part of a wider selloff across global markets.
Bitcoin and Gold have often been compared to each other, with the former sometimes being called ‘digital gold. ’ Naturally, this has led to the use of fractals in the price of one to attempt and predict the price of the other.
The world's largest hedge funds says these three catalysts could ignite a gold price surge that launches the asset 30% higher to $2,000.
The post 3 Reasons Ray Dalio’s Hedge Fund Is Betting on a 30% Gold Price Surge appeared first on CCN.com
The price of gold is trading at its highest level since September thanks to these three underlying factors.
The post Gold Price Just Smashed 3-Month Highs: 3 Reasons Why appeared first on CCN.com
Coinspeaker Following a Hike, Gold Price Drops Sharply Dragging Down SilverIt seems that several factors played against gold recently. With Washington announcing the reach of a partial trade deal with Beijing being just one of them, gold price dropped sharply from its previous highs.
Gold rallies to an intraday high of $1,475. 50/oz. Precious metals trade at more than one-week highs as risk appetite wanes. Serbia bought nine tons of gold in October to hedge against crisis. The price of gold extended its rally on Thursday, as waning risk appetite drove investors into the relative safety of precious metals.
Gold futures rose by as much as $23 on Wednesday, erasing much of last week’s sharp slide. U. S. government bond yields pare back from three-month highs. Bullion is more attractive to investors following last week’s brutal skid.
The price of gold rallied on Wednesday and was making a fast return to $1,500 as investors weighed the multitude of risks facing the U. S. economy. The latest warning signal came from the housing market after existing home sales tumbled much more than expected in September.
The price of gold plunged anew on Friday, as risk appetite fueled equities at the expense of safe-haven assets following news of U. S. -China trade progress. Futures on December gold delivery tumbled all the way down to $1,478.
The price of gold tumbled on Monday and threatened to slip below $1,500 an ounce after the precious metal became more expensive for holders of foreign currencies. Under normal circumstances, dollar-denominated gold and other precious metals tend to fall when the greenback strengthens.
The price of gold rallied Thursday, extending its winning streak to three days after another batch of soft data sparked a fresh wave of haven buying in the market. Gold Extends Rally December gold futures climbed all the way to a session high of $1,525.
The price of gold rallied Wednesday, extending its recovery to two days after stocks plunged over dismal economic data. Gold Rallies; Silver Follows Bullion shot above $1,500 a troy ounce, reaching a high of $1,511.
The price of gold bounced back sharply on Tuesday, erasing a portion of Monday’s brutal drop after a protracted downturn in the manufacturing sector sapped risk sentiment from the market. Gold for December settlement, the most actively traded futures contract, reached a session high of $1,493.
The price of gold plunged anew on Monday, extending last week’s slump as the U. S. dollar notched fresh two-year highs and stocks resumed their upward momentum. Futures on December gold delivery reached a session low of $1,472.
The price of gold was under pressure Friday, extending a weeklong slump that saw the U. S. dollar rise to multi-year highs against a basket of currencies. Gold Tumbles; Silver Follows Futures on December gold delivery reached a session low of $1,493.
The price of gold rose along with the dollar on Friday after the Trump administration announced harsher sanctions on Iran over its alleged role in the attacks on Saudi oil facilities last weekend.
After a sharp rally at the start of the week, the price of gold drifted lower on Tuesday, as risk-off traders shifted their focus to an upcoming meeting of the Federal Reserve. Gold, Silver Drift Lower Precious metals were down across the board, giving back some of Monday’s blistering gains.
Gold’s yearlong surge took a pause this week, as investors exited risk-off assets in favor of stocks on the belief that the United States and China are inching toward a new trade agreement. The yellow metal is down almost 5% from its September peak.
By CCN Markets: Price of Bitcoin established another year-to-date high on Friday, touching levels not seen in over a year. Earlier during the Asian session, the bitcoin-to-dollar exchange rate flew past the $9,800 level for the first time since May 6, 2018.
A lot of things are happening in the world of finance which seemingly go by unnoticed. One of the biggest developments this week is how the price of gold – per troy ounce – has skyrocketed over the past few days.
Max Keiser spoke about macroeconomics and global politics, warning about the impending economic recession and its effects on Gold and Bitcoin, in a recent edition of the Kaiser report. Max Keiser said that Deutsche Bank would be the most likely of the major banks to go bankrupt and will require a bailout, just like the […]
The post Bitcoin and gold’s price will rise following the impending global financial crisis, says Max Keiser appeared first on AMBCrypto.
Bitcoin price will have little trouble hitting $15,000 once resistance at $10,000 falls, Tyler Winklevoss believes. Bitcoin ‘Cheap Until It Disrupts Gold’ Writing on social media as Bitcoin price circled $9250, one half of the Winklevoss twins forecast that the cryptocurrency’s trajectory would see it home in on its 2017 all-time high of $20,000.
Still think Bitcoin is a passing fad? Here’s a news flash for you. At $8,940, it’s bigger than Russia’s monetary base. That makes Bitcoin the eighth largest currency in the world. And the price keeps on climbing… Which Countries Have the Biggest Monetary Base in the World? The answer might surprise you.
Digital gold, Bitcoin[BTC], crossed the $9000 mark on Coinbase. According to Coinmarketcap, BTC was valued at $9,169 with a market cap of $162 billion, at press time. The 24-hour price change indicated a rise of 5.
Bitcoin has been one of the standout performers of 2019, outperforming several traditional commodities. However, the virtual asset is often criticized for its price volatility and a higher risk of investment.
Commodities such as Gold and Oil are some mainstream assets which have been outperformed by Bitcoin in 2019. The world’s largest cryptocurrency has had a good 2019, surging by 150% this year after surviving a troubling crypto-winter towards the end of 2018.
By CCN Markets: The IPO gold rush continues. Traders have moved on from the lastest shiny thing, Beyond Meat, to Wednesday’s latest offering. That would be CrowdStrike, a California-based cyber-security firm.
The Bitcoin [BTC] ecosystem has seen a resurgence of sorts recently, with multiple price fluctuations in the cryptocurrency field being spearheaded by the world’s largest cryptocurrency. Several movements and campaigns were launched to spread the message that Bitcoin is a thing of the future, along with its benefits over the standard ‘store of value,’ Gold.
–-Miningzoo. com a perfect cloud mining solution just for you! With the trading war causing all the anxiety leading to stock price plummeting and bitcoin price skyrocketing, large institutions start to pour their funds into bitcoin investment gradually to diversify their investment portfolio.
-Miningzoo. com a perfect cloud mining solution just for you! With the trading war causing all the anxiety leading to stock price plummeting and bitcoin price skyrocketing, large institutions start to pour their funds into bitcoin investment gradually to diversify their investment portfolio.
The bulls are in control of the short and medium-term outlook. Responsible buying at key areas recommended. BTG/USD Medium-term Trend: Bullish Supply zones: $28. 00, $29. 00, $30. 00 Demand zones: $10.
–-Miningzoo. com a perfect cloud mining solution just for you! With the trading war causing all the anxiety leading to stock price plummeting and bitcoin price skyrocketing, large institutions start to pour their funds into bitcoin investment gradually to diversify their investment portfolio.
Bitcoin and Gold have had a complex relationship in terms of their markets. The precious metal has often been seen as a safe haven for investors in start contrast with the high risk, and high. . .
By CCN: Long before bitcoin rocketed past the price of gold in March 2017, crypto believers had touted BTC’s ability to replace gold in an increasingly digital world. Goldbugs, on the other hand, maintain that no technology can ever replace the yellow metal.
According to the stock-to-flow model, bitcoin price is aiming for $100 trillion after 2028. So says Bitcoin market analyst, planB, anyway. Bitcoin: Stock-To-Flow Periodic Table Bitcoin analyst, planB, is well known for his predictions based on the stock-to-flow (S2F) model.
Bitcoin’s [BTC] rise and fall on the cryptocurrency charts have been a sight to behold, with cascading events in the industry being attributed to its price movement. A recent post by planB suggests that Bitcoin has escaped the utility asset domain of Platinum, Palladium, and Silver and has entered the monetary asset domain of BTC’s […]
The post Bitcoin [BTC] zooms past the utility asset domain of Platinum & Palladium as it guns for Gold appeared first on AMBCrypto.
Bitcoin price in recent days has started a long-overdue correction following a powerful multi-month, parabolic rally that took the price of the crypto asset from a trading range between $3,000 and $4,000, to local highs of over $9,000.
The cryptocurrency market’s alpha, Bitcoin, recorded a tumultuous few days after its price fell below $8000. Its silver counterpart, Litecoin, also dropped a few dollars in valuation and its creator, Charlie Lee, was in the news after he said that he created Litecoin for fun and wanted to mimic gold and silver’s relationship.
Bitcoin could inform investors worried about the U.S.-China trade war, according to an executive from financial planning and wealth advisory firm Bleakley Advisory Group
The accusation that bitcoin is nothing more than a Ponzi scheme is perhaps the oldest, longest-standing criticism of the digital bearer asset. The basic idea is that there is nothing of value here and the entire purpose of bitcoin’s existence is to enrich Satoshi Nakamoto and the speculators who bought in for a few pennies or dollars in the early days by tricking others into buying in at a higher price.
