Recent Gold Price Plunge Boosts Bitcoin’s Safe-Haven Stance

Recent Gold Price Plunge Boosts Bitcoin’s Safe-Haven Stance
фото показано с : zycrypto.com

2020-3-2 22:28

Bitcoin has been in a daily downtrend for the last two weeks and most news headlines have been talking about how Bitcoin is definitely not a safe-haven because it hasn’t been able to recover while Gold was seeing higher highs every day.

Now, Gold has been hit hard as well as the Coronavirus fears intensify. The recent Gold crash is the biggest loss since 2013 and also throws some cold water on the idea that a safe-haven will always react positively in the face of economical adversity.

Bitcoin, on the other hand, has been trading sideways for the past 4 days between $8,455 and $9,000.

Gold Drops 7% Taking Out All Gains For the Past 22 Days

Gold has experienced a massive 4% sell-off today and broke below the 12 and 26-period EMAs with a ton of trading volume. The daily RSI was really overextended and the bears definitely took advantage of it.

Although lower than Bitcoin’s 18% price loss, the recent Gold performance shows that no asset is immune to economic uncertainty. It’s certainly odd that the oldest and most-trusted safe-haven is also seeing a nasty sell-off. The best explanation for the sell-off is the idea that investors were forced to sell large quantities of gold in order to cover losses from other assets.

Considering that the crypto market also experienced a crash, more investors had to cover losses and gold was the last standing asset.

This crash could boost the cryptocurrency market as it has been far less volatile for the past few days and investors are looking for other alternatives to gold.

Peter Schiff, a known Bitcoin critic claims that despite the recent Gold’s decline, the asset is still up 6.5% (4.35% now) since the beginning of 2020 but failed to acknowledge that Bitcoin is up 24% year-to-date.

Today's 4% drop in gold is a very rare move in a single day. But it does happen occasionally. However a 4% drop in @Bitcoin is quite common, which often posts daily declines much larger. Today's move doesn't invalidate gold's safe haven or long-term store of value status.

— Peter Schiff (@PeterSchiff) February 28, 2020

Schiff also mentions that the recent 4% drop in gold is rare and doesn’t invalidate gold’s safe-haven status. As usual, most comments to the tweet were negative and critical of Schiff calling him out for his favoritism on Gold over Bitcoin.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 68780.58 (-0.16%)
Объем 24H $41.744b
Изменеия 24h: -0.07 %, 7d: -3.43 %
Cегодня L: $66916.68 - H: $68910.37
Капитализация $1360.344b Rank 1
Цена в час новости $ 8570.92 (702.49%)

bitcoin safe-haven gold hasn definitely able highs

Источник: zycrypto.com

bitcoin safe-haven → Результатов: 71


Bitcoin, regardless of global concerns, will continue being 'safe-haven': Binance's Coley

People invest in Bitcoin believing it to be an uncorrelated asset; something which can be used as a hedge against financial calamity. Since Bitcoin was essentially born during one, the narrative only The post Bitcoin, regardless of global concerns, will continue being 'safe-haven': Binance's Coley appeared first on AMBCrypto.

2020-3-20 11:00


Bitcoin and gold: Risk versus resilience in the 21st century

When considering a safe-haven asset it is important to ascertain what we are protecting against. Known high-probability risks within a system, or low-probability high-consequence systemic risks that interconnected with other systems? Intelligent investors should consider the difference between risk and resilience, and look at the market from a systems perspective.

2020-1-6 14:01


Bitcoin Poised for a Run at $8k Says Trader but Extreme Low Volume Not a Positive Trend

Four days into 2020 and Bitcoin saw a surge of 8% where it went from $6,850 to above $7,400. As we reported, Bitcoin spiked in value just like gold which was because of the geopolitical tensions in the Middle East after the US airstrike killed Iranian general Qaseem Soleimani that pushed the demand for safe-haven […]

2020-1-4 18:38


Фото:

Bearish Bitcoin and Gold Price Correlation Noted by Analyst

In times of recession and/or financial instability, both Bitcoin and gold have been described as safe-haven investments that act as a hedge against the traditional financial markets. However, while the demand for gold has historically increased during unstable times, Bitcoin has only existed in newer generations — thus, there is insufficient data to make the […] The post Bearish Bitcoin and Gold Price Correlation Noted by Analyst appeared first on BeInCrypto.

2019-10-31 21:34


Bitcoin Fixes This: Fake Gold Bars Could Turn Investors Toward Digital Counterpart

Bitcoin has been dubbed digital gold because the cryptocurrency shares many similar attributes with the precious metal. However, a recent situation involving a forgery crisis in the gold industry shows how one important aspect of Bitcoin gives it an enormous advantage over its physical gold counterpart and could drive more investors seeking a safe-haven or.

2019-10-22 21:00


Фото:

EU Next on Trump’s Tariff List; Will People Turn To Bitcoin?

As if there were not enough economic problems facing countries of the world at the moment without an escalating trade war imposed by the Trump administration. Not content with levying heavy import tariffs on China, the POTUS has set his sights on Europe next, so will bitcoin and same safe-haven assets grow in popularity there too? Europe Next For Trade Tariffs According to reports, the Trump administration is preparing to announce tariffs on billions of Read More The post EU Next on Trump’s Tariff List; Will People Turn To Bitcoin? appeared first on Bitcoinist.com.

2019-9-16 14:30


Фото:

Currency War Erupts as US and China Bring Out the Big Guns

What started out as a trade dispute between the world’s two largest economies is now a full-blown currency war as the U.S. and China bring their big guns to the battlefield. The impact on the global financial markets was immediate and severe, driving up safe-haven assets as ordinary people fear losing the value of their […] The post Currency War Erupts as US and China Bring Out the Big Guns appeared first on Bitcoin News.

2019-8-6 13:31


дальше еще 22 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Paul Tudor Jones says he’s long gold and Bitcoin

Billionaire Paul Tudor Jones is bullis on gold and Bitcoin. The hedge fund manager told CNBC in an interview that commodities are under-owned. Paul Tudor Jones says he is long the precious metal gold and digital asset Bitcoin (BTC) ahead of the US election and as inflationary pressures look to persist beyond the November vote.

Bitcoin Surge Imminent? Arthur Hayes Links War-Fueled Inflation To Crypto Boom

Better times for Bitcoin may lie ahead as the co-founder of BitMEX feels that the current geopolitical tensions in the Middle East may only push the cryptocurrency to rise higher. According to Arthur Hayes, the effects of war would resonate intensely in the US economy in the form of increased government spending and inflationary levels […]