Analysts and Bullion Dealers Notice a Relationship Between Gold and Bitcoin
As cryptocurrencies have grown popular over the past year, researchers have noticed an inverse relationship between gold and bitcoin markets. Over the past two weeks, as cryptocurrency markets have slumped, financial analysts are reporting even more data about the correlation between both assets. Also Read: Markets Update: Cryptocurrencies Try to Regain Strength After the Recent Dip Researchers and Gold Dealers Believe That When Bitcoin Prices Recently Dropped In Value Investors Rushed Towards Gold Financial executives and researchers believe bitcoin and gold have an interesting relationship. Over the past year, cryptocurrencies spiked while gold markets slumped, and when gold prices jumped, digital assets dropped in value. Analysts have seen the inverse relationship more clearly over the past two weeks, when the bitcoin market had its most significant drop in value since January of 2017. For instance, Daniel Marburger, the director at precious metals firm Coininvest, detailed in an interview that on January 16 he sold 30 kilograms of gold for bitcoin. “We have been inundated with emails, and the phones have been ringing continually with customers asking how they could turn their cryptocurrency into gold,” explains Marburger. It is an unprecedented time and shows the sway from bitcoin and other cryptocurrencies back to a solid, robust investment in these uncertain times. There’s a Close Inverse Relationship Between Gold and Bitcoin Additionally, the research analyst Scot Macdonald from Seeking Alpha points out that there’s been an inverse relationship between bitcoin and gold for quite some time, but even more so since the creation of…
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