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CATEGORY: gold


Bitcoin should be treated as a commodity, like gold  Cantor Fitzgerald CEO

Author: Cointelegraph by Josh O'Sullivan
United States
Sep 29, 2024 12:00

Bitcoin should be treated as a commodity, like gold Cantor Fitzgerald CEO

Cantor Fitzgerald CEO Howard Lutnick advocates for Bitcoin to be classified as a commodity, citing its similarities to gold and oil.

Bitcoins Correlation With US Stock Markets Reaches 2-Year High, What Does This Mean for BTC?

Author: Jordan Lyanchev
Bulgaria
Sep 29, 2024 01:00

Bitcoins Correlation With US Stock Markets Reaches 2-Year High, What Does This Mean for BTC?

The last time the correlation between the asset classes was this high was during the 2022 correction.

Sep 26, 2024 12:05

Bitcoin Correlation With Gold Now At Highest Level Since March

Data shows Bitcoin has been becoming increasingly correlated with Gold, a potential sign that the digital Gold narrative is making a return. Bitcoin Correlation With Gold Has Risen To 0.75 Recently In a new post on X, the market intelligence platform IntoTheBlock discussed the latest trend in Bitcoin’s Correlation to Gold. The “Correlation” here is a metric that tracks how closely related the prices of two given assets are. In the current case, of course, the assets are BTC and Gold. Related Reading: Bitcoin Could Top At $400,000 Based On This Model, Analyst Says When the value of this metric is positive, it means BTC is reacting to movements in the Gold price by moving in the same direction. The closer is the indicator to the 1 mark, the stronger is this relationship. On the other hand, the metric being under zero suggests that, although there is some correlation present, it’s a negative one. In other words, the two assets are moving in the opposite direction to each other. The -1 level plays the role of the extreme in this case. The Correlation can also assume a value exactly equal to zero, indicating that there is no relationship between the prices of the assets whatsoever. In statistics, the variables satisfying this condition are said to be independent. Now, here is a chart that shows the trend in the Bitcoin Correlation to Gold since the start of the year 2024: As displayed in the above graph, the Bitcoin Correlation to Gold had slumped to the lowest point for the year in July, but since then, the metric has been steadily moving up. The indicator now has a value of 0.75, which suggests there is a notable positive relationship between the assets. From the chart, it’s apparent that this is the highest that the metric has been since March. “Bitcoins rising correlation over the past months aligns with investors’ recession fears and lack of confidence in the dollar,” notes the analytics firm. “This flight to safety highlights Bitcoins evolving role in macroeconomic hedging.” The Correlation can be a useful indicator to follow for investors looking for diversification options for their portfolios. In general, assets with a high value of the indicator may not be ideal options to keep together, like Bitcoin and Gold right now. Related Reading: Bitcoin MVRV Ratio Is At A Critical Retest: Can Bulls Triumph? IntoTheBlock has pointed out, however, that Ethereum‘s Correlation to Gold is still minimal at the moment, implying that ETH’s role in the market is different from BTC’s. As for what it is, the analytics firm comments: Ethereums limited correlation with gold points to its position as a more speculative, growth-driven asset. Its price movements are less influenced by external economic factors and more driven by the underlying ecosystem such as DeFi activity & staking. BTC Price Bitcoin has continued to show stale action recently, as its price is still trading around $63,500. Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com

Sep 25, 2024 01:00

Peter Schiff Questions Markets Bitcoin Obsession as Gold Hits Record Highs

Despite soaring gold prices, Peter Schiff believes investors are distracted by Bitcoin, missing key warnings about inflation.

Gold hits new all-time high as Bitcoin rallies to September high above $64K

Author: Cointelegraph by Martin Young
United States
Sep 24, 2024 12:00

Gold hits new all-time high as Bitcoin rallies to September high above $64K

Gold has gained more than 5% in two weeks, reaching a record high driven by rate cuts and geopolitical tensions.

Bitcoin To Outshine Gold By 400% By 2025, Veteran Analyst Predicts

Author: Christian Encila
United Kingdom
Sep 24, 2024 12:05

Bitcoin To Outshine Gold By 400% By 2025, Veteran Analyst Predicts

Veteran analyst Peter Brandt is making a bold prediction that is creating a lot of talk in the crypto arena: by 2025, Bitcoin should see its price jump 400% relative to gold. Related Reading: Solana Jumps 10% As Fed Eases Rates, Analysts Eye Even Higher Gains He feels that, according to the market patterns witnessed so far, Bitcoin could soar to the equivalent of around 123 ounces of gold. This rally potential comes in the wake of general price predictions, as Bitcoin is likely to increase by 65% over the next three months and by almost 100% in six months, data from CoinCheckup shows. Over the next year, an increase of 130% is estimated, meaning that confidence in the upward movement of Bitcoin is quite strong. There has never been a better moment for investors to ponder this question: Will Bitcoin be able to rise above the iconic status of gold as the prime store of value? Never mind if the crypto market cannot resist their bold prophesying; the confluence of key factors appears to portend a triumph for Bitcoin in the years ahead over gold. When I look at chart of Bitcoin/Gold ratio, here is how I view it: $GC_G $BTC $BTCXAU 1. Continuation inverted H&S pattern, neckline at 32.5 to 1 2. Left shoulder low at 14.2 to 1 3. Right shoulder forming flag 4. Could decline into high teens to 1 5. Target 123 to 1 pic.twitter.com/VKvsDqwkuU Peter Brandt (@PeterLBrandt) September 21, 2024 Institutional Adoption Fuels Optimism A significant reason why Bitcoin is likely to rocket soon is because of the increasing institutional investment. Large financial companies, even governments, have begun to view Bitcoin as a store of value akin to old inflation hedges like gold. Such institutional support will be crucial in propelling Bitcoins’ price even higher as capital continues to pour into the market in more considerable volumes. But perhaps most significantly, decentralized finance has unlocked new use cases for Bitcoin beyond its role as a store of value. By including the underlying cryptocurrencies in the DeFi ecosystem, investors can use their Bitcoin positions in ways gold simply cannot be used. According to Titan of Crypto, another respected voice in the crypto community, Bitcoins unique position within DeFi will only strengthen its value proposition against traditional assets like gold. Golds Rise Could Boost Bitcoin Interestingly, the forecasted rise in gold prices could indirectly benefit Bitcoin. As gold registers fresh all-time highs, it reinforces the narrative of precious metals as a hedge against economic turmoils. This, however, makes Bitcoin a more functional option considering its digital nature and increasing utility within decentralized finance. Investors looking to diversify may see Bitcoin as a way to gain exposure to both safe-haven assets and the rapidly evolving digital economy. According to Wall Street investment banks, gold is likely to break through $2,700 as 2025 progresses, thanks to the expected rate cuts by the Federal Reserve. If Bitcoin maintains its current trend, its price compared to gold may rise, maybe reaching the 123-ounce threshold. Related Reading: AAVE Hits New Highs, Breaks Out After 2 Years Of Consolidation Details How This Feels To Investors The consequences of this prediction are substantial for investors. Those who own Bitcoin would see significant rewards if the alpha coin’s price rose 400% in relation to the popular yellow metal. Investors must exercise caution when considering this opportunity, despite the fact that Bitcoin’s long-term outlook remains optimistic, particularly in light of its projected 132% price increase within the next year. Overall, the crypto landscape is evolving rapidly, and Bitcoins role as a store of value could very well surpass golds in the coming years. Investors would do well to keep an eye on both assets as economic conditions shift and markets react to global developments. Featured image from Asia Times, chart from TradingView

Bitcoin leads $321M crypto inflows following Fed rate reduction

Author: Cointelegraph by Helen Partz
United States
Sep 24, 2024 12:00

Bitcoin leads $321M crypto inflows following Fed rate reduction

Digital asset investment products posted a second consecutive week of inflows last week, totaling $321 million, CoinShares reported.

Is Bitcoin set for 400% gains against gold? Veteran analyst weighs in

Author: Cointelegraph by Yashu Gola
United States
Sep 23, 2024 12:00

Is Bitcoin set for 400% gains against gold? Veteran analyst weighs in

Bitcoin could grow by over 400% versus gold in the coming months, according to a technical setup shared by seasoned analyst Peter Brandt.

Gold Hit New ATH on Friday, Bitcoin Did Not: Which Has Performed Better in 2024?

Author: Jordan Lyanchev
Bulgaria
Sep 22, 2024 01:00

Gold Hit New ATH on Friday, Bitcoin Did Not: Which Has Performed Better in 2024?

Gold's price against the USD exceeded $2,600 on Friday for the first time ever.

Central banks buying gold at record levels, but Bitcoin still outperforms

Author: Cointelegraph by Martin Young
United States
Sep 03, 2024 12:00

Central banks buying gold at record levels, but Bitcoin still outperforms

Central banks bought a record 483 tonnes of gold in the first half of 2024, driving the asset to an all-time high.

Sep 19, 2024 01:20

Goldman Sachs, Coinbase alumni debut TrueX, a stablecoin-centric crypto exchange

TrueX's stablecoin-centric approach could redefine crypto trading stability, potentially attracting institutional investors and enhancing market predictability.

The post Goldman Sachs, Coinbase alumni debut TrueX, a stablecoin-centric crypto exchange appeared first on Crypto Briefing.

Bitcoin price eyes $60K reclaim as gold hits fresh all-time high

Author: Cointelegraph by William Suberg
United States
Sep 14, 2024 12:00

Bitcoin price eyes $60K reclaim as gold hits fresh all-time high

Bitcoin joins gold in rising as markets see a bigger chance of a 0.5% interest rate cut.

Key takeaways from the Golden Boys attack on Compound DAO

Author: Cointelegraph by Agnes Gambill
United States
Aug 06, 2024 12:00

Key takeaways from the Golden Boys attack on Compound DAO

A group of Compound DAO members called the "Golden Boys" won a narrow vote to manage 5 percent of the DAO treasury on members behalf. Heres what we can learn.

Aug 04, 2024 01:45

Bitcoins Digital Gold Narrative Falls Apart As BTC Crashes To $60K While Real Gold Shines

Bitcoin is often touted as the ultimate store of value by its propounders; a digital version of gold that maintains all the best characteristics as an inflation hedge while being more efficient and liquid thanks to its underlying blockchain technology, which the Bitcoin protocol pioneered. However, as crypto faces a major correction, which has seen […]

Overly optimistic Bitcoin traders washed out as BTC futures turn neutral

Author: Cointelegraph by Marcel Pechman
United States
Aug 29, 2024 12:00

Overly optimistic Bitcoin traders washed out as BTC futures turn neutral

The Bitcoin futures premium plunged to its lowest levels in 10 months, but traders have refused to turn bearish.

Bitcoin is holding $60K  Heres why its important

Author: Cointelegraph by Marcel Pechman
United States
Aug 23, 2024 12:00

Bitcoin is holding $60K Heres why its important

Resilient US job and inflation data and steady spot Bitcoin ETF inflows aided Bitcoins rally above $60,000.

Aug 22, 2024 02:15

VanEck Provides Monthly Gold Market Insights from Experts Casanova and Foster


VanEck shares monthly insights on the gold market and economy from experts Imaru Casanova and Joe Foster, highlighting mining trends and gold's portfolio benefits. (Read More)

Aug 21, 2024 12:05

Bitcoin On Brink Of Massive Breakout Like Gold In 2008: Hedge Fund CEO

In the latest edition of the Capriole Investments newsletter dated August 20, 2024, Charles Edwards, founder and CEO, draws striking parallels between the current market behavior of Bitcoin and the historical performance of Gold, particularly during its 2008 rally. Bitcoin Mirrors 2008 Gold Rush Edwards points out that Bitcoin has been consolidating around $60K, echoing the pattern Gold followed before its significant rally. “Bitcoin is under pressure, mirroring the longest period of consolidation at any ATH in its history,” Edwards notes, suggesting that this could be a precursor to a significant breakout. According to him, this pattern closely mirrors that of Gold in the late 2000s, when it consolidated for nine months around its 1980 ATH before launching a significant two-year rally in 2008. Edwards elaborates on the technical similarities, noting, “Gold’s first significant consolidation post-ETF launch preceded a rally that saw its value climb by 180% in just over two years. Today, Bitcoin exhibits similar market behavior in the aftermath of its own ETF launches and consolidations.” Related Reading: Over 80% of Short-Term Bitcoin Holders Underwater What This Means For BTC Edwards notes that during Gold’s consolidation phase in 2008, the asset underwent a -33% drawdown, eventually marking what many investors consider a generational bottom. Bitcoins recent dip to $48,000a -33% crashstrikingly aligns with this aspect of Golds historical price action. “The July 2024 Bitcoin dip saw a -28% drop to $53K, and the more recent August 2024 dip mirrored Gold’s final plunge, falling a mere half a percent short,” Edwards states, highlighting the precision of these parallels. Based on these historical parallels, Edwards predicts that Bitcoin price could be ripping straight to $140K with no dips by around May 2025. While he acknowledges that a single datapoint does not mean that golds history has to repeat for Bitcoin, he believes that it is the most comparable asset at the most comparable time in its history. Related Reading: Analyst Forecasts Bitcoin Bull Run Top With Historically Proven Indicator Despite the bullish signal from the historical and technical analysis, Edwards remains only cautiously optimistic. He acknowledges ongoing discrepancies in fundamental data signals and suggests a conservative stance until further bullish confirmations can be observed. “We are still awaiting the Monthly close; the conservative position would be to await further bullish confirmations (and potentially Q4) to fully clear what is typically the most bearish period of each calendar year for Bitcoin and risk assets, Edwards notes. If Bitcoin can close above the monthly support, Edwards sees a very attractive technical setup. He concludes, I believe this period of market consolidation is coming to a close as we exit summer, and I maintain strong conviction that the next 12 months will be the best time out of the last 3 years to be allocated to this asset class. At press time, BTC traded at $60,712. Featured image created with DALL.E, chart from TradingView.com

Bitcoin pinned below $60K  Is BTC consolidating or preparing for more downside?

Author: Cointelegraph by Marcel Pechman
United States
Aug 20, 2024 12:00

Bitcoin pinned below $60K Is BTC consolidating or preparing for more downside?

Institutional spot Bitcoin ETF outflows and lowered Bitcoin miner profitability could be driving the current price drop

Goldman Sachs, Capula, Avenir were biggest BTC ETF buyers in Q2  CoinShares

Author: Cointelegraph by Alex O’Donnell
United States
Aug 17, 2024 12:00

Goldman Sachs, Capula, Avenir were biggest BTC ETF buyers in Q2 CoinShares

The companies collectively purchased nearly $1.3 billion worth of Bitcoin ETF shares during the quarter.

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