OnDemand WTP Pricing Research

Bitcoin and Gold Prices Diverge Again, Extending 5-Month Correlation | CoinDesk

Bitcoin is again feeling the pull of gravity amid a rally in gold – a classic safe haven asset.

The premiere cryptocurrency topped out at highs near $9,100 on May 30 to hit a 2.5-week low of $7,432 on June 4.

The pullback was expected as technical charts were reporting bullish exhaustion. After all, the cryptocurrency decoupled from equity markets and rallied by nearly $4,000 in May.

Even so, the correction is noteworthy as it is accompanied by a sharp rally in gold prices. The yellow metal picked up a bid at $1,275 per Oz on May 30 and climbed to $1,344 per Oz on Wednesday – the highest level since Feb. 20.

Read complete article here:

Bitcoin and Gold Prices Diverge Again, Extending 5-Month Correlation – CoinDesk.

Post a Comment

WP-SpamFree by Pole Position Marketing