{"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

Gold Provides Cover<\/h2>\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

\"Bitcoin<\/p>\n

BTC price trading below $21,000 | Source: BTCUSD on TradingView.com<\/a><\/pre>\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 Going Down?<\/h2>\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>\n

Related Reading |\u00a0Bitcoin Recovery Wades Off Celsius Liquidation, But For How Long?<\/a><\/strong><\/em><\/p>\n

There are also the implications of the price of the digital asset falling below the previous cycle high for the first time ever. It has given credence to the school of thought that the digital asset has not reached its bear market bottom. Coupled with the fact that bitcoin has previously fallen at least 80% in all its previous markets, the bottom is likely to come in at around $13,000.<\/p>\n

Additionally, the bottom is expected to happen about 15 months after the previous halving which puts the bottom at some time in the 4th quarter of 2022.<\/p>\n

Bitcoin is trading at $21,313 at the time of this writing. It is up 1.93% in the last 24 hours with a market cap of $405.8 billion.<\/p>\n

Featured image from Kinesis Money, chart from TradingView.com<\/pre>\n

Follow <\/i><\/b>Best Owie on Twitter<\/i><\/b><\/a> for market insights, updates, and the occasional funny tweet\u2026<\/i><\/b><\/span><\/p>\n","protected":false},"excerpt":{"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. Gold Provides Cover 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. Related Reading |\u00a0Over $250 Million In Liquidations As Bitcoin Recovers Above $20,000 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 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. BTC price trading below $21,000 | Source: BTCUSD on TradingView.com 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. Bitcoin Going Down? 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. 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. Related Reading |\u00a0Bitcoin Recovery Wades Off Celsius Liquidation, But For How Long? There are also the implications of the price of the digital asset falling below the previous cycle high for the first time ever. It has given credence to the school of thought that the digital asset has not reached its bear market bottom. Coupled with the fact that bitcoin has previously fallen at least 80% in all its previous markets, the bottom is likely to come in at around $13,000. Additionally, the bottom is expected to happen about 15 months after the previous halving which puts the bottom at some time in the 4th quarter of 2022. Bitcoin is trading at $21,313 at the time of this writing. It is up 1.93% in the last 24 hours with a market cap of $405.8 billion. Featured image from Kinesis Money, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026<\/p>\n","protected":false},"author":541,"featured_media":493619,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,5765,1119,1144,2209,10003],"class_list":["post-493604","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-bitcoin-vs-gold","tag-btc","tag-btcusd","tag-gold","tag-gold-price"],"acf":[],"yoast_head":"\nGold Proves To Be A Safe Haven Asset Amid Bitcoin Crash<\/title>\n<meta name=\"description\" content=\"The advantages of holding bitcoin over gold have been publicized and debated countless times. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/ktsl888.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Gold Proves To Be A Safe Haven Asset Amid Bitcoin Crash","url":"http:\/\/ktsl888.com\/news\/gold-proves-to-be-a-safe-haven-asset-amid-bitcoin-crash\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/gold-proves-to-be-a-safe-haven-asset-amid-bitcoin-crash\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/06\/bitcoin-vs-gold.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/06\/bitcoin-vs-gold.png?fit=960%2C529"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","bitcoin vs gold","btc","btcusd","gold","gold price"],"dateCreated":"2022-06-21T23:00:53Z","datePublished":"2022-06-21T23:00:53Z","dateModified":"2024-06-11T07:26:40Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Gold Proves To Be A Safe Haven Asset Amid Bitcoin Crash\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/gold-proves-to-be-a-safe-haven-asset-amid-bitcoin-crash\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/gold-proves-to-be-a-safe-haven-asset-amid-bitcoin-crash\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/bitcoin-vs-gold.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/bitcoin-vs-gold.png?fit=960%2C529\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"bitcoin vs gold\",\"btc\",\"btcusd\",\"gold\",\"gold price\"],\"dateCreated\":\"2022-06-21T23:00:53Z\",\"datePublished\":\"2022-06-21T23:00:53Z\",\"dateModified\":\"2024-06-11T07:26:40Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/06\/bitcoin-vs-gold.png?fit=960%2C529","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/493604","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=493604"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/493604\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/493619"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=493604"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=493604"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=493604"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}