Is Bitcoin More Correlated to Stocks or Gold?

Gold-backed tokens are getting increasingly popular as a more accessible alternative to investing in physical gold. What is a gold-backed cryptocurrency?A gold-backed cryptocurrency is a type of digital currency that is backed by physical gold. The currency’s value is based on the current market price of gold and can be used for transactions just like any other type of cryptocurrency.Some cryptocurrencies are backed by gold in order to tie the derivative asset (crypto) to a tangible asset (gold), thereby preventing excessive fluctuations in price. Thus, gold-backed cryptocurrency is often....

Stocks, oil, even gold are down on fears of resumed COVID-19 lockdowns, but bitcoin hodlers are keeping the faith.

All throughout 2020 Bitcoin price has been unusually correlated to major US stock indices such as the S&P 500. And with stocks at risk of another Black Thursday like plunge, analysts fear that it could once again take cryptocurrencies down with them. One Bitcoin expert, however, expects the cryptocurrency to soon “decouple” from traditional markets, but its likely not for the reasons you would otherwise expect. Here’s why the crypto market could soon get back […]

Galaxy Digital CEO Michael Novogratz explains why it is a dangerous time to be in the stock market right now, leading up to the U.S. presidential election. While bearish on the dollar, Novogratz is bullish on bitcoin and gold but thinks that bitcoin has more upside than gold. Dangerous Time to Be in Stock Market, Buy Bitcoin Billionaire investor and Galaxy Digital CEO Michael Novogratz explained his view on the best investments as the November U.S. presidential election approaches in Wednesday’s episode of CNN’s Markets Now show. “I think in the short run we saw the high....

While stocks and cryptocurrency markets have floundered during the last week, the price of the precious metal gold has increased in value by 3.85% during the last seven days. An ounce of fine gold jumped from $1,826.92 on February 10, to $1,897.36 per ounce on February 19. Additionally, the top gold-backed crypto coins today have seen a significant increase in demand alongside premiums above the spot market price of gold. Gold Shines During Economic Uncertainty The world’s economy has been shaky and many are blaming the turmoil between Russia and Ukraine, and the....