Prominent economist Peter Schiff lately compared the performances of Bitcoin and Gold amidst the deepening financial crisis, noting traders who bought the cryptocurrency at its year-to-date high are sitting at 70 percent losses while those who purchased Gold at its yearly top suffered a comparatively dwarfed loss of 14 percent.
XAUUSD up by circa 14 percent following early March sell-off | Source: TradingView.com, ICE
But looking at their subsequent recoveries, as Mr. Schiff seemingly ignored, bitcoin appears like a clear winner so far. The offbeat asset established a sessional bottom at $3,858 but later rebounded by as much as 81 percent to hit $9,090 a token. On the other hand, Gold’s price rebound maximized only by 13.37 percent to reach $1,645 an ounce.
One of the biggest events that drove Bitcoin and Gold prices upwards was the United States becoming the new epicenter for the novel coronavirus COVID-19 pandemic. As the number of infected persons mounted over 100,000, leaving about 1,500 dead, the US economy collapsed. Investors panic-sold everything from stocks to bonds to raise cash.
The US Federal Reserve in its response used all its ammunition to contain the COVID-19’s impact on the economy with easing monetary policy and additional stimulus packages. Moving further, the US Congress passed a $2 trillion emergency package by voice vote last Friday to mitigate the initial economic fallout.
The Big Long
The US aid had a major impact on both gold and bitcoin markets. While the former closed last week at its 11 years high, the latter had already factored in the Fed’s response to rise 22 percent – it gave up its gains as demand for gold and cash surged.
BTCUSD defends $6,000-support, surges 8 percent on Monday | Source: TradingView.com
That explains that even on a short-term basis, bitcoin was outperforming gold on their way upward.
Veteran investor Raoul Pal noted that the gains appeared because of bitcoin’s outstanding risk-reward ratio – the higher the amount of investment risk, the better the return. Investors chose to enter the cryptocurrency’s highly-volatile market as they hoped to offset the losses they incurred in traditional markets, including equities.
Mr. Pal noted that investors, including hedge funds and family offices, are choosing bitcoin for taking out the maximum cash liquidity in a shorter timeframe.
“Once this phase of the markets is over (which I think comes in the next couple of weeks or so), bitcoin should stabilize and begin its rise again, free of excessive longs with just HODLR’s remaining in, as ever,” he said.
I slowly continue to add to my position and hope for cheaper prices. The lower the prices, the more outstanding the risk reward becomes over the next few years.#Bitcoin $BTC
— Raoul Pal (@RaoulGMI) March 29, 2020
Bitcoin Technical Outlook
The bitcoin-to-dollar exchange rate is in the process of painting its third weekly candle in a row in what appears to be the beginning of its bottoming-out phase.
BTCUSD eyeing upward moves toward $9,000 | Source: TradingView.com, Coinbase
The bounce from the Symmetrical Triangle’s support hints at two potential scenarios: a retest of the lower trendline or an extended upside towards the upper trendline. In the first case, the price could dip below $4,000 to wake up accumulators like the ones Mr. Pal suggested. A bounce-back could lead bulls to retest $7,000 in near- and $9,000 in medium-term.
In the other case, bitcoin could break above $7,000 to test the 50-week moving average as its interim upside target. A further break and the price will most likely test $9,000.
#bitcoinSo bitcoin does what it always does, fly all over the place. But we did good. We saw the crash coming on Friday, had a bullish case at 5.9k we waited 36 hours to confirm and had a chance to buy.
We have 3 higher lows. My guess is we test 7k again. pic.twitter.com/9bhAviRyAC
— Llama Market (@llamamarket) March 30, 2020 origin »
As world markets gear up for what is likely to be yet another historic week, hedging eyes will be on Bitcoin as well. In the past week, as the SPX lost over 8 percent of its value and gold traded flatThe post Bitcoin Options scream sell as massive expiry on the horizon appeared first on AMBCrypto.
Bitcoin completed its first decade with a mind-boggling 9 million percent increase in value, becoming the best performing asset of the decade. Also, Bitcoin’s value in gold rose significantly amidst the heightened global economic uncertainty.
Bitcoin is without a doubt the most secure blockchain network in the world with its ever-growing hash rate. However, at a similar time as Bitcoin Gold was 51 percent attacked, and $70,000 double spent, BTC had a stale block which resulted in a measly $3 double spend.
The 51 percent attack Bitcoin Gold experienced last week sparked an industry-wide debate about the security of the network. Many saw this as proof of BTG’s redundancy, but few focused on the problems in proof-of-work itself that enable these kinds of attacks to happen in the first place.
A researcher at the MIT Digital Currency Initiative discovered that Bitcoin Gold was 51 percent attacked on January 23. Yet, in the last 24 hours, the cryptocurrency has increased by 19 percent in price.
Bitcoin Gold [BTG], which is another hard fork coin of Bitcoin, recently underwent a 51 percent attack which costs approximately 7,167 BTG or $72k. This was revealed by James Lovejoy, President of MITThe post Bitcoin Gold undergoes 51% attack yet again! appeared first on AMBCrypto.
The World Gold Council recently issued a survey that addresses how and why people in various countries, including India, China, Canada, Germany, Russia, and the United States, purchase gold in the wider context of retail investment and luxury goods in general.
A new report by the World Gold Council shows that there is global demand for harder forms of money than fiat currencies. Such demand points to a bright future for Bitcoin given that it represents an even harder form of money than the precious metal.
Nearly 60 percent of people favor Bitcoin as a long-term investment rather than gold or federal reserve notes. That’s according to a survey posted by former U. S. Congressman and presidential candidate Ron Paul.
A study by Bitcoin mining firm Genesis Mining has shown that a startling number of US citizens have no idea about how their financial system works. A whopping 29 percent of respondents said they thought the US dollar is still backed entirely by gold.
Perceived safe-haven assets Bitcoin and Gold were trending downwards on Friday as investors processed the emotional aftermath of China’s weak economic data. The BTC/USD instrument slipped by 1.
As global stocks continue to slip fueled by the correction of Asian markets, analysts expect the gold price to surge by 30 percent heading into 2020. The Nikkei 225, a stock market index for the Tokyo stock exchange, plummeted by over two percent on the day alongside South Korea’s Kospi and China’s SSE Composite, which […]
The post Global Stocks Slump as Analysts Forecast 30% Gold Rally in 2020 appeared first on CCN.com
Bitcoin prices edged lower on Monday, pressured by a current correction momentum that saw the cryptocurrency plunging by more than 40 percent since June this year. The BTC/USD instrument was trading at $7,863.
Gold outperformed Bitcoin on Wednesday as an impeachment inquiry into US President Donald Trump triggered demand for safe-haven assets. The yellow metal came near its three-week peak, with its spot trading at $1,530.
Our robot colleague Satoshi Nakaboto writes about Bitcoin every fucking day. Welcome to another edition of Bitcoin Today, where I, Satoshi Nakaboto, tell you what’s been going on with Bitcoin in the past 24 hours.
The weekend drone attack on Saudi Arabia’s oil production facilities has slashed global oil supplies by five percent, temporarily sending the price of Brent crude up twenty percent. The attack also prompted a one percent rise in the price of gold.
Gold looked stronger than its digital rival Bitcoin on Wednesday as investors awaited the outcomes of a string of central bank meetings. The spot gold rate climbed 0. 49 percent in early European trading session to trade at $1,492.
After suggesting that decentralized asset bitcoin should be backed by Gold, prominent billionaire investor Mark Mobius is asking global investors to raise their stakes in the precious metal. The Mobius Capital Partners’ founding partner said in an interview with CNBC’s “Street Signs” that investors should allocate 10 percent of their portfolio to physical gold.
Cameron Winklevoss, the co-founder of Gemini and a billionaire bitcoin investor, believes bitcoin will disrupt gold, a safe-haven asset with a market capitalization of over $8 trillion. In comparison, as of Aug.
Cameron Winklevoss, the co-founder of Gemini and a billionaire bitcoin investor, believes bitcoin will disrupt gold, a safe-haven asset with a market capitalization of over $8 trillion. In comparison, as of Aug.
Used by over 40 percent of web stat-crunchers, Google Analytics is the gold standard — and official GA certification is a true bar of entry acknowledgment that you understand the power of Google Analytics and can mine the knowledge gems found inside.
Bitcoin is the best-performing asset of the last ten years. For early investors, this means an ROI of 100,000 percent in ten years. How has Bitcoin performed against other asset classes such as stocks, bonds, precious metals, and oil more recently?
As per an all new research study released by SSRS, a little over four percent of all Americans believe that Bitcoin along with some other premier cryptocoins are better long-term investment vehicles than traditional SOVs (stores of value) such as gold, silver, etc.
While the limelight continues to shine on bitcoin, there are other crypto tokens that might also deserve your attention. One, in particular, is Bitcoin Gold. The bitcoin hard fork climbed as high as $32.
The bitcoin price on Monday slipped below the $10,000 level as benchmark China data eased concerns about gloomy monetary outlook. The spot bitcoin rate was down 3. 2 percent at $9,857. 27 as of 02:15 UTC.
Bitcoin (BTC) uptick, adds 16. 7 percent The entry of Lagarde as ECB chair is bullish for cryptocurrencies Gold and Bitcoin, according to leading analysts, are certified safe havens. The global economy may end up floundering.
Noted economist Art Laffer co-authored a bitcoin study in August 2015, wherein he wrote the cryptocurrency could usurp 1 percent of the gold’s $2. 5 trillion market cap. Four years later, the expert is once again presenting a strong bullish case for bitcoin, albeit unknowingly.
Mark Mobius, an emerging markets fund manager and the founder of Mobius Capital Partners, said that if bitcoin continues to grow at the current rate, he would consider investing in the dominant crypto asset.
Bitcoin has had an eventful few weeks with the digital asset spiking by more than 200 percent after which it fell into the bear’s realm. This was again followed by the cryptocurrency recovering to trade above the $12,000 mark again.
Bitcoin, the cryptocurrency that’s ruling the entire market with over 57 percent dominance, seems to be back with a bang. The coin has made a glorious return to the bull market as the past six months saw the digital gold recover its position from around $3000 to over $10,000.
By CCN Markets: Longtime crypto critic and gold proponent Peter Schiff is excited. He’s not happy due to the stock market hitting new all-time highs or bitcoin prices surging but rather by a microscopic advance in the price of gold.
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.
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.
The leading cryptocurrency is beating ‘em all! Bitcoin is not only outperforming the traditional assets like gold, oil, and government bonds in 2019 but also remains the king of the cryptocurrency market.
Gold is known as one of the best long-term wealth storing assets during economic crises because of its reliably rare supply, which makes it maintain its value without much depreciation. Only 2,600 tonnes of gold are mined per year expanding the above ground supply at a yearly rate of 1.
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.
A sharp rebound that sent the bitcoin price 179 percent higher this year could soon fizzle, according to Peter Schiff of Euro Pacific Asset management. The veteran stockbroker said bitcoin has not accurately recovered from 2018’s bearish sentiment, wherein its rate dropped from $20,000 to $3,200 in just 11 months.
Hackers are still one of the biggest threats to Proof-of-Work networks. In the past year, digital thieves have used rented hash power to stage successful attacks on Vertcoin, Verge , Bitcoin Gold, Ethereum Classic, and several other cryptocurrencies, most of which have never recovered.
During a Bloomberg TV interview, Nate Geraci, president of independent investment adviser ETF Store, stated the majority of millennial investors want to invest funds in a bitcoin ETF, if only the US Securities and Exchange Commission would let them.
Could Bitcoin Help Venezuela Crisis? According to the International Organization for Migration, a long period of serious political instability and economic crisis has caused the largest Latin American emigration seen in recent times from Venezuela.
The first quarter of 2019 was bullish for the digital asset management firm Grayscale Investments and the company is gearing up to have another run. According to a first quarter “Digital Asset Investment Report” from the company, published on May 13, 2019, product inflows from Grayscale Investments grew by 42 percent over Q4 2018.
Bitcoin (BTC) soar, add 13. 3 percent in the last week. Lisk founder says Bitcoin is a secure investment next to Gold After a stellar performance, analysts believe last year’s crypto winter is over as Bitcoin (BTC) prices bottom up, retesting $6,000.
There is a strong possibility that the bitcoin price would surge by 350 percent in roughly 378 days, according to past trend behavior noted in the Gold Futures market. Cryptocurrency management firm Trading Shot found striking similarities between the Gold Futures (COMEX) and the Bitcoin spot market.
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.
Launched in 2009, Bitcoin has massively surged as the flagship cryptocurrency recently hit an all-time high of $106,533. Since the U. S. presidential election, the value of the cryptocurrency has increased by at least 50 percent.
El Salvador, the first nation to adopt Bitcoin as legal tender, is reportedly negotiating changes to its Bitcoin policies in exchange for a $1. 3 billion loan from the International Monetary Fund (IMF).