Saturday, May 31, 2025
No Result
View All Result
CONTACT
First Crypto News
  • News
  • Bitcoin
  • Ethereum
  • Industry
  • Market Updates
  • Price
  • Coins
  • Press Release
  • News
  • Bitcoin
  • Ethereum
  • Industry
  • Market Updates
  • Price
  • Coins
  • Press Release
No Result
View All Result
First Crypto News
No Result
View All Result

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

by firstcryptonews
March 7, 2020
in Industry
Recent Gold Price Plunge Boosts Bitcoin’s Safe-Haven Stance

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.

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.

Related Posts

UK Inflation Sees Sharp Drop in July as Core and Services Show Mixed Trends

UK Inflation Sees Sharp Drop in July as Core and Services Show Mixed Trends

by firstcryptonews
August 17, 2023
0

While the easing of headline inflation is welcome news for consumers, experts are paying closer attention to the underlying trends....

Just-In: Panama Plans to Legalize Bitcoin (BTC) and Ethereum (ETH)

Just-In: Panama Plans to Legalize Bitcoin (BTC) and Ethereum (ETH)

by firstcryptonews
September 8, 2021
0

Panama is reportedly working on a crypto regulation that might legalize Bitcoin ($BTC) and Ethereum ($ETH) as legal modes of...

Ex CFTC Chair says Bitcoin ETF would be good for investors and regulators

Ex CFTC Chair says Bitcoin ETF would be good for investors and regulators

by firstcryptonews
July 8, 2021
0

Timothy Massad, former chairman of Commodity Futures Trading Commission (CFTC) has become the latest US regulatory executive to advocate for...

SEC Chair Gary Gensler Testify on GameStop Trading Saga, Talks About Regulating Crypto Market

SEC Chair Gary Gensler Testify on GameStop Trading Saga, Talks About Regulating Crypto Market

by firstcryptonews
May 9, 2021
0

SEC chairman Gary Gensler along with several other financial experts testified before the Financial Services Committee about the recent GameStop...

This is what some economists are getting wrong about Bitcoin

This is what some economists are getting wrong about Bitcoin

by firstcryptonews
March 17, 2021
0

The intrinsic value of an asset determines its long-term existence in the market. The ‘spicy’ flavor is the intrinsic value...

Twitter CEO Jack Dorsey extends Bitcoin emoji until the year 3000

Twitter CEO Jack Dorsey extends Bitcoin emoji until the year 3000

by firstcryptonews
January 6, 2021
0

Jack Dorsey, the CEO of Twitter, officially confirmed on Twitter that the platform has extended the Bitcoin emoji until the...

Next Post
Bitcoin Miners Set Record Hash Rate Despite Price Recently Experiencing Largest Weekly Drop In Over Two Months

Bitcoin Miners Set Record Hash Rate Despite Price Recently Experiencing Largest Weekly Drop In Over Two Months

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

AFRICAN POST PLAN TO SET BLOCKCHAIN DIGITAL IDENTITY IN AFRICA

AFRICAN POST PLAN TO SET BLOCKCHAIN DIGITAL IDENTITY IN AFRICA

3 years ago
Will Twitter follow MicroStrategy’s Bitcoin strategy?

Will Twitter follow MicroStrategy’s Bitcoin strategy?

4 years ago
JuCoin’s $JU Token Launch: A Game-Changer in the Crypto Market

JuCoin’s $JU Token Launch: A Game-Changer in the Crypto Market

4 months ago
Ripple CEO: In A Crypto Market Flooded With Too Many Coins, XRP Offers Less Volatility And Better Utility

Ripple CEO: In A Crypto Market Flooded With Too Many Coins, XRP Offers Less Volatility And Better Utility

6 years ago
Teckvia Limited and GLORIOUS SKY LLC Forge Deep Strategic Partnership for VolcMinerD1 Large-Scale Procurement

Teckvia Limited and GLORIOUS SKY LLC Forge Deep Strategic Partnership for VolcMinerD1 Large-Scale Procurement

5 months ago
We Are Inevitable

We Are Inevitable

3 years ago

First Crypto News

First Crypto News

First Crypto News is the Fastest Crypto News Portal. We Bring the Best and We Bring it Fast.

Bitcoin

Amid Chinese Crackdown, America’s Foundry USA Mining Pool Enters Top Ten Spot

Amid Chinese Crackdown, America’s Foundry USA Mining Pool Enters Top Ten Spot

June 21, 2021

Recent News

Atua AI Updates Workflow Logic to Support Expanding Business Demands

Atua AI Updates Workflow Logic to Support Expanding Business Demands

May 16, 2025

Press Release

MoonLad Launches: A Meme Token with Purpose, Utility, and Community on the Solana Blockchain

MoonLad Launches: A Meme Token with Purpose, Utility, and Community on the Solana Blockchain

May 31, 2025

© 2020 First Crypto News

No Result
View All Result
  • Home
  • World
  • Science
  • Tech

© 2020 First Crypto News