
Bitcoin Decouples from Gold, Stocks after Overnight Sell-Off, What’s Next?
Bitcoin did its own thing during the late Monday trading session. The benchmark cryptocurrency plunged suddenly towards $10,600 after maintaining intraday gains above the $10,800-support all day. The sell-off appeared despite a healthier macroeconomic outlook led by signs of progress in the release of the second COVID-19 stimulus package. US House Democrats released a $2.2 trillion aid that would reinstate $600 weekly unemployment benefits. The revelation followed House Speaker Nancy Pelosi’s commitment to revive stalled […]
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Data shows the digital gold narrative may be in danger on the short term as Bitcoin has diverged from Gold in its 30-day Correlation. Bitcoin Is Still Correlated To Gold On A Long-Term Scale In a new post on X, on-chain analytics firm Glassnode has discussed about how the Correlation between Bitcoin and Gold is […]
According to analyst Lyn Alden, bitcoin's correlation to stocks or gold depends on bitcoin’s own cycle.
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.
Bitcoin is on track of further price appreciation as it decouples from a classic positive correlation with tech stocks, according to Mike McGlone of Bloomberg Intelligence. On Wednesday, the senior commodity strategist highlighted the ongoing trend deviation between the flagship cryptocurrency and the Nasdaq 100 Stock Index — a benchmark that tracks the market performance […]