{"id":385117,"date":"2019-06-06T01:01:12","date_gmt":"2019-06-06T01:01:12","guid":{"rendered":"https:\/\/ktsl888.com\/?p=385117"},"modified":"2019-08-28T15:54:35","modified_gmt":"2019-08-28T15:54:35","slug":"gold-skyrockets-as-bitcoin-price-plummets-which-wins-battle-for-economic-hedge","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/gold-skyrockets-as-bitcoin-price-plummets-which-wins-battle-for-economic-hedge\/","title":{"rendered":"Gold Skyrockets as Bitcoin Price Plummets, Which Wins Battle for Economic Hedge?"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\"><a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> in recent days has started a <a href=\"https:\/\/ktsl888.com\/2019\/06\/04\/peter-brandt-bitcoin-price-target\/\">long-overdue correction<\/a> following a powerful multi-month, parabolic rally that took the price of the crypto asset from a trading range between $3,000 and $4,000, to local highs of over $9,000.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">But as the cryptocurrency dubbed as digital gold\u2019s bullish momentum begins to fade, the price of Gold has begun to climb closer to reaching multi-year highs in the face of mounting fears over an impending global economic storm on the horizon.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Bitcoin Price Drops Just as Gold Bull Breakout Begins<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">In recent weeks, Gold\u2019s reign as the preferred hedge asset during economic downswings was given its first real run for its money. As concerns grow surrounding the continued <a href=\"https:\/\/ktsl888.com\/2019\/05\/16\/why-the-next-bitcoin-bull-run-could-eclipse-the-last-crypto-bubble\/\">trade war between the USA and China<\/a>, and the effect the two superpowers might have on the greater global economy.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/ktsl888.com\/2019\/04\/24\/tech-stocks-gold-oil-bitcoin\/\">Tech Stocks, Gold, Oil, and S&amp;P 500: Bitcoin ROI Beats Them All\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">As investors in the stock market and other traditional markets seek to de-risk and protect capital from the potential crash many financial analysts are predicting, safe-haven assets such as Gold are typically increasingly held as a hedge.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">As major central bank balance sheets started diminishing, volatility started increasing. Central banks continue to have significant impact on financial markets. <a href=\"https:\/\/twitter.com\/hashtag\/gold?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#gold<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#bitcoin<\/a> <a href=\"https:\/\/t.co\/r4mp4qkftG\" rel=\"nofollow\">pic.twitter.com\/r4mp4qkftG<\/a><\/p>\n<p>&mdash; Gabor Gurbacs (@gaborgurbacs) <a href=\"https:\/\/twitter.com\/gaborgurbacs\/status\/82996736?ref_src=twsrc%5Etfw\" rel=\"nofollow\">June 5, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">However, a recent \u201c<a href=\"https:\/\/ktsl888.com\/2019\/05\/15\/does-grayscales-latest-dropgold-for-crypto-effort-entirely-miss-the-point\/\">#DropGold<\/a>\u201d television marketing campaign from Grayscale Investments and a corresponding parabolic surge in Bitcoin price following a bear market was set to challenge gold\u2019s historic use as a hedge.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">That\u2019s all changed this week, as Bitcoin price has finally begun to correct after a break of the parabolic rally that signaled the end of the bear market. At the same time, Gold, the safe-haven asset that investors look to to protect capital, has finally started to grow in value once again.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Gold is skyrocketing today!!<\/p>\n<p>Now not far from its multi-year highs.<\/p>\n<p>For reference. The purple circle is when the <a href=\"https:\/\/twitter.com\/hashtag\/dropgold?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#dropgold<\/a> campain went live. <a href=\"https:\/\/t.co\/Hs87TF6rLD\" rel=\"nofollow\">pic.twitter.com\/Hs87TF6rLD<\/a><\/p>\n<p>&mdash; Mati (@MatiGreenspan) <a href=\"https:\/\/twitter.com\/MatiGreenspan\/status\/33716737?ref_src=twsrc%5Etfw\" rel=\"nofollow\">June 5, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">According to eToro analyst Mati Greenspan, Gold is \u201cskyrocketing\u201d and close to reaching \u201cmulti-year highs.\u201d Meanwhile, Bitcoin, has struggled to maintain its price at $8,000 after being rejected at $9,000, and is currently trading at $7,600.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Investors Urged to #DropGold for BTC, But is the Opposite Happening?<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">With Gold picking up momentum while Bitcoin\u2019s wanes, the effectiveness of Grayscale\u2019s marketing efforts must be called into question. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Investors aren\u2019t dropping Gold, as the campaign suggests. In fact, the opposite may be happening as crypto investors have increasingly become exposed to Gold as an opportunity for portfolio diversification.\u00a0<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Even prominent crypto influencers on Twitter have begun talking about the precious metal amidst normal cryptocurrency market analysis and discussion.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24GOLD&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$GOLD<\/a><\/p>\n<p>This is one of the most beautiful charts out there.<br \/>Shorting this is like shorting <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> at $4000 or longing it at $6000 back in the day.<br \/>Can&#39;t recommend, even though it&#39;s at resistance.<br \/>Test a level too many times and it&#39;s bound to break. <a href=\"https:\/\/t.co\/rCb3c4QF3D\" rel=\"nofollow\">pic.twitter.com\/rCb3c4QF3D<\/a><\/p>\n<p>&mdash; DonAlt (@CryptoDonAlt) <a href=\"https:\/\/twitter.com\/CryptoDonAlt\/status\/03326721?ref_src=twsrc%5Etfw\" rel=\"nofollow\">June 4, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">Worst yet, businesses offering investors of precious metals exposure to cryptocurrencies have <a href=\"https:\/\/ktsl888.com\/2019\/03\/09\/precious-metals-firm-drops-crypto-is-the-bitcoin-digital-gold-narrative-in-trouble\/\">begun to pull back on that offering<\/a>, further suggesting that Gold investors simply aren\u2019t interested in Bitcoin, while Bitcoin investors may very well be interested in the Digital Gold\u2019s physical counterpart.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/ktsl888.com\/2019\/05\/30\/flipping-gold-is-inevitable-in-digital-age-would-take-bitcoin-price-to-350000\/\">Flipping Gold is \u201cInevitable\u201d In Digital Age, Would Take Bitcoin Price to $350,000\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">The two assets rightfully draw many comparisons \u2013 they both have a finite supply that\u2019s mined, and can be used as both a means of exchange and store of value. Oftentimes, the comparison sparks debate as to if Bitcoin could potentially<a href=\"https:\/\/ktsl888.com\/2019\/05\/30\/flipping-gold-is-inevitable-in-digital-age-would-take-bitcoin-price-to-350000\/\"> flip the market cap of Gold<\/a>, which would take the price of Bitcoin to over $350,000 per BTC.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price in recent days has started a long-overdue correction following a powerful multi-month, parabolic rally that took the price of the crypto asset from a trading range between $3,000 and $4,000, to local highs of over $9,000. But as the cryptocurrency dubbed as digital gold\u2019s bullish momentum begins to fade, the price of Gold has begun to climb closer to reaching multi-year highs in the face of mounting fears over an impending global economic storm on the horizon. Bitcoin Price Drops Just as Gold Bull Breakout Begins In recent weeks, Gold\u2019s reign as the preferred hedge asset during economic downswings was given its first real run for its money. As concerns grow surrounding the continued trade war between the USA and China, and the effect the two superpowers might have on the greater global economy. Related Reading | Tech Stocks, Gold, Oil, and S&amp;P 500: Bitcoin ROI Beats Them All\u00a0 As investors in the stock market and other traditional markets seek to de-risk and protect capital from the potential crash many financial analysts are predicting, safe-haven assets such as Gold are typically increasingly held as a hedge. As major central bank balance sheets started diminishing, volatility started increasing. Central banks continue to have significant impact on financial markets. #gold #bitcoin pic.twitter.com\/r4mp4qkftG &mdash; Gabor Gurbacs (@gaborgurbacs) June 5, 2019 However, a recent \u201c#DropGold\u201d television marketing campaign from Grayscale Investments and a corresponding parabolic surge in Bitcoin price following a bear market was set to challenge gold\u2019s historic use as a hedge. That\u2019s all changed this week, as Bitcoin price has finally begun to correct after a break of the parabolic rally that signaled the end of the bear market. At the same time, Gold, the safe-haven asset that investors look to to protect capital, has finally started to grow in value once again. Gold is skyrocketing today!! Now not far from its multi-year highs. For reference. The purple circle is when the #dropgold campain went live. pic.twitter.com\/Hs87TF6rLD &mdash; Mati (@MatiGreenspan) June 5, 2019 According to eToro analyst Mati Greenspan, Gold is \u201cskyrocketing\u201d and close to reaching \u201cmulti-year highs.\u201d Meanwhile, Bitcoin, has struggled to maintain its price at $8,000 after being rejected at $9,000, and is currently trading at $7,600. Investors Urged to #DropGold for BTC, But is the Opposite Happening? With Gold picking up momentum while Bitcoin\u2019s wanes, the effectiveness of Grayscale\u2019s marketing efforts must be called into question. Investors aren\u2019t dropping Gold, as the campaign suggests. In fact, the opposite may be happening as crypto investors have increasingly become exposed to Gold as an opportunity for portfolio diversification.\u00a0 Even prominent crypto influencers on Twitter have begun talking about the precious metal amidst normal cryptocurrency market analysis and discussion. $GOLD This is one of the most beautiful charts out there.Shorting this is like shorting $BTC at $4000 or longing it at $6000 back in the day.Can&#39;t recommend, even though it&#39;s at resistance.Test a level too many times and it&#39;s bound to break. pic.twitter.com\/rCb3c4QF3D &mdash; DonAlt (@CryptoDonAlt) June 4, 2019 Worst yet, businesses offering investors of precious metals exposure to cryptocurrencies have begun to pull back on that offering, further suggesting that Gold investors simply aren\u2019t interested in Bitcoin, while Bitcoin investors may very well be interested in the Digital Gold\u2019s physical counterpart. Related Reading | Flipping Gold is \u201cInevitable\u201d In Digital Age, Would Take Bitcoin Price to $350,000\u00a0 The two assets rightfully draw many comparisons \u2013 they both have a finite supply that\u2019s mined, and can be used as both a means of exchange and store of value. Oftentimes, the comparison sparks debate as to if Bitcoin could potentially flip the market cap of Gold, which would take the price of Bitcoin to over $350,000 per BTC.<\/p>\n","protected":false},"author":517,"featured_media":385139,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,679,1948,2209,16917],"class_list":["post-385117","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bitcoin-price","tag-etoro","tag-gold","tag-mati-greenspan"],"acf":[],"yoast_head":"\n<title>Gold Skyrockets as Bitcoin Price Plummets, Which Wins Battle for Economic Hedge?<\/title>\n<meta name=\"description\" content=\"Bitcoin price in recent days has started a long-overdue correction following a powerful multi-month, parabolic rally that took the price of the crypto\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ktsl888.com\/news\/gold-skyrockets-as-bitcoin-price-plummets-which-wins-battle-for-economic-hedge\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold Skyrockets as Bitcoin Price Plummets, Which Wins Battle for Economic Hedge?\" \/>\n<meta property=\"og:description\" content=\"Bitcoin price in recent days has started a long-overdue correction following a powerful multi-month, parabolic rally that took the price of the crypto\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ktsl888.com\/news\/gold-skyrockets-as-bitcoin-price-plummets-which-wins-battle-for-economic-hedge\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-06-06T01:01:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-08-28T15:54:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/06\/bitcoin-price-gold-crypto-shutterstock_742058335.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"5616\" \/>\n\t<meta property=\"og:image:height\" content=\"3744\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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