Yesterday, there was a correction of the Bitcoin exchange rate and the main cryptocurrencies. A similar phenomenon happened on the gold chart. So are digital currencies now becoming price-related to gold?
Gold and Bitcoin
Bitcoin analysts have had a problem for a long time. They try hard to demonstrate that the cryptocurrency is in any way related to other large markets: be it S&P 500 or gold.
For a while, the “Order SP 5 & P 500” seemed to be winning. Only yesterday’s situation showed that the supporters of the “golden” theory did not say the last word.
Yesterday, gold saw its deepest daily decline in 7 years. The gold’s price dropped to $ 1,880.50 per ounce in the morning. That’s an adjustment of $ 200 / oz. When compared to Friday’s result.
Silver prices, on the other hand, fell the most since 2008. White metal, which is increasingly used in industry, plunged 15% to $ 24.87 an ounce.
It is not the end. The correction was also visible on the prices of platinum (a decrease of 6.1%) and palladium (-6.25%).
Interestingly, declines were also visible on the BTC and ETH charts. Bitcoin fell from $ 11,916 to $ 11,278. In turn, the ETH from $ 398 to $ 371. Interestingly, the ETH / BTC pair behaved quite stable at that time, which probably signals that ETH has a stronger position today than before (in such situations, ETH / BTC usually fell much more).
Bitcoin correlated with the bullion market?
The current situation is too weak evidence that BTC has become tied to gold, but it shows that the cryptocurrency rate is slowly moving towards this correlation.
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