Experts: Gold outflows are pushing Bitcoin higher
Gold's prospects seem to dim as Bitcoin's glitter According to multiple experts, one possible reason for Bitcoin’s remarkable recent price rise are massive investor outflows from another popular inflation hedge: gold. Spot gold swooned over the past week, falling 4.62% to $1,857. The asset previously had been surging in unison with Bitcoin, which is up over 40% from $28,000 lows last week.In a Tweet on Friday, Charlie Morris, founder and CIO at ByteTree Asset Management, said that the pullback in gold might be attributable to investors moving to Bitcoin:With bond yields up and inflation....
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Gold, which most investors and traders consider as the world’s safe haven asset, may be banned by India in the upcoming months. India is one of the largest gold importers around the world, purchasing around 700 tons of gold per year. Experts state that the demand for gold in India is higher than most assets and reserve currencies, arguably making gold the most valuable asset in the country. However, reports suggest that the government may be planning a ban on the importation of gold, as gold premiums reached two year highs this month. Chirag Thakkar, a director with Amrapali Group noted:....
The latest PBOC report hints at China's reserved tumbling by another US$41.1bn in December 2016. This would effectively reduce the country's reserves to just above US$3tn, a very dangerous level. Financial experts all over the world are concerned over the situation in China. Country officials revealed the financial reserves, which sit as US$3tn right now. However, the PBOC reported over US$41bn in capital outflows affecting the Chinese economy in December 2016. These numbers do not seem to add up, and it appears the Chinese government is padding the reserve numbers. For quite some time....
Bitcoin is currently caught within a strong upswing following its recent selloff Bulls are pushing the crypto towards $18,000 as they move to erase its recent losses Where it trends next will depend largely on how sustainable this ongoing move higher is One investor is now noting that a gold fractal from the 1970s seems to indicate that this selloff could be followed by a powerful push higher in the days and weeks ahead Bitcoin […]
Analysts warn that a recovery in gold and the U.S. dollar index could negatively impact Bitcoin’s bullish momentum. Dan Tapiero, the co-founder of 10T Holdings, said weak hands have been shaken out in the gold market. This raises the probability of a gold rally in the near term, especially as it comes off of an 80-day pullback period.A rally in gold and the dollar may dampen Bitcoin priceBitcoin has seen strong momentum in the past three months, as it achieved an all-time high on Coinbase and a number of other major exchanges.Despite this, the threat of a correction for Bitcoin is a real....
Gold hit its lowest levels in more than eight months on Tuesday, a day after holdings in the precious metal-backed exchange-traded funds fell by 14 tonnes, logging the biggest outflow seen in 2021. Analysts blamed signs of an economic global recovery and rising US bond yields for the said decline. That is because gold does […]