Gold Lags Far Behind Bitcoin as Vaccine Optimism Buoys Markets
Bitcoin is outshining the precious metal by a significant margin as expectations soar of a swift global economic recovery enabled by promising coronavirus vaccines.
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Bitcoin apparently did not like all the fanfare regarding over good results in a COVID-19 vaccine trial. Bitcoin (BTC) fell sharply in price this morning as pharmaceutical company Pfizer, in collaboration with biotech company BioNTech, announced a breakthrough in its COVID-19 vaccine.Bitcoin fell approximately $1,000, over 6%, Between 7 and 10 am EST today on the vaccine news, from $15,800 down to a daily low near $14,815, based on TradingView data. Crypto's pioneer asset bounced slightly by time of publication, sitting near $14,908. Source: TradingView.comEarlier this morning, Pfizer....
The global stock markets are rocketing today on news that a vaccine that would put an end to the ongoing pandemic has 90% effectiveness This news signals that it may only be a matter of months before things start going back to normal, which means a reduction in government spending and economic turbulence Naturally, this is a bad thing for safe haven assets, with today’s news sending the price of gold nosediving Bitcoin has seen […]
A strengthening dollar and unexpected stock market rally occurred as Bitcoin price sharply dropped by 6%. The price of Bitcoin (BTC) rose to as high as $15,840 before crashing to $14,800. Just 5 hours after reaching an intraday top, the dominant cryptocurrency dropped over 6%. Thi massive spike in volatility was likely caused by three major factors.The three catalysts for the abrupt downtrend were the recovery of the dollar, the decline in gold price as Pfizer announced that its COVID-19 vaccine trials are producing positive results, and whales dumping BTC.BTC/USD 4-hour chart. Source:....
Bitcoin and U.S. stock futures shot up on Monday after Pfizer announced positive results from a trial of its coronavirus vaccine.
While gold is generally perceived to be the best hedge against inflation, a report written by author Kelsey Williams has now questioned this longstanding assertion. In the report, Williams argues that the current gold price of around $1,810 per ounce is much lower than the commodity’s average price in 1980.
Gold Price Rise Lags Behind Inflation
Williams’ averments suggest the yellow metal’s rate of increase in value over the past 41 years has lagged behind that of inflation. In a report that was published by FX Empire, the author uses nominal and....