A similar correlation between Bitcoin and Gold is observed yesterday. Even though Bitcoin remains an uncorrelated asset as a whole, the evolution of its prices on Thursday was similar to that of gold. The value of the cryptocurrency fell yesterday by about 6% and closed the day around $ 9020.
Gold showed similar corrective characteristics, after the spot price reached a maximum of seven years this week. Its price fell to $ 1,765.30 on Thursday as investors began accumulating cash again. Analysts believe that the evolution is due to the growing trade conflicts between the US and China and the uncertainty about a full economic recovery.
“The behavior of the markets in moments of fundamental uncertainty returns to its basic functions, ie it influences the price due to the perception that people have. In the present case, the question arises whether or not BTCUSD is correlated in various online environments and analysts still give their opinion, including on the form of the possible return of prices on stock exchanges and commodities. I think that Bitcoin is correlated and depending on interests, sometimes this is seen directly, sometimes indirectly (inverse correlation). If there are many buyers for Bitcoin VS. USD not only means that the Fed has provided this opportunity for liquidity in the market but also that this asset (similar to gold) has precious characteristics that offer certainty in difficult times, especially from an emotional point of view, to market participants “.
comments Armando Goldman for GDB.
Correlation between Bitcoin and Gold
Macroeconomic narratives have affected Bitcoin and gold in a similar way, with technical charts showing that the two security assets have recently gone through a period of consolidation.
Do you think that the BTC vs GOLD price will be able to be differentiated by the fact that the BTC can be owned and transported in huge quantities compared to GOLD, anonymously?
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