{"id":493604,"date":"2022-06-21T23:00:53","date_gmt":"2022-06-21T23:00:53","guid":{"rendered":"https:\/\/ktsl888.com\/?p=493604"},"modified":"2024-06-11T07:26:40","modified_gmt":"2024-06-11T07:26:40","slug":"gold-proves-to-be-a-safe-haven-asset-amid-bitcoin-crash","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/gold-proves-to-be-a-safe-haven-asset-amid-bitcoin-crash\/","title":{"rendered":"Gold Proves To Be A Safe Haven Asset Amid Bitcoin Crash"},"content":{"rendered":"
The advantages of holding bitcoin over gold have been publicized and debated countless times. These two digital assets, one a physical asset and the other referred to as the \u201cdigital gold\u201d, have both gone head-to-head when it comes to which one is the better store of value. As the bitcoin crash raged on last week, the discussion is once again being had about the merits of holding a relatively stable asset such as gold compared to a volatile one such as bitcoin.<\/p>\n
Over the past week, the price of bitcoin had declined more than 30%. This had led to a sea of red in the market as the rest of the cryptocurrencies followed suit. During this time, the year-to-date value of bitcoin had dumped significantly. This put the digital asset which had been outperforming its physical counterpart for quite a while behind it once more.<\/p>\n
Related Reading |\u00a0Over $250 Million In Liquidations As Bitcoin Recovers Above $20,000<\/a><\/strong><\/em><\/p>\n Despite the year-over-year returns of gold being gown, it remained in the positive while that of bitcoin has declined into the red. As of Tuesday, gold is up 0.6% year-to-date, putting it in the green territory. As for bitcoin, the cryptocurrency is now down a whopping 55% on a year-to-date basis.\u00a0<\/span><\/p>\n The volatility of bitcoin has been a cause for concern for those in the traditional finance market. However, it has also been one of the biggest pulls for those invested in the asset. It had grown more than 50% last year to an all-time high of $69,000 before declining over the next six months to a low of $17,600.<\/p>\n <\/p>\n While the sell-offs have rocked bitcoin, gold has not been as unfortunate. So when it comes to the argument of which of these digital assets serves as the better inflation hedge, gold has now come ahead of the cryptocurrency.<\/p>\n Bitcoin\u2019s recovery streak has been encouraging over the past couple of days. After hitting a low in the $17,000 territory, the recovery has been steady ever since, save a few dips here and there. With this has come a recovery above the 5-day moving average for the first time in the last week.<\/p>\n Despite this, the selling pressure has remained high and more sell-offs are rocking the market. However, support is beginning to form above the $18,000.<\/p>\nBTC price trading below $21,000 | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Bitcoin Going Down?<\/h2>\n