{"id":388610,"date":"2019-07-03T20:00:42","date_gmt":"2019-07-03T20:00:42","guid":{"rendered":"https:\/\/uniquehot.com\/?p=388610"},"modified":"2019-07-03T18:27:58","modified_gmt":"2019-07-03T18:27:58","slug":"btc-gold-bitcoin-price-rise","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/btc-gold-bitcoin-price-rise\/","title":{"rendered":"BTC and Gold Showing Correlated Moves, Will Bitcoin Price Rise From Here?"},"content":{"rendered":"<p class=\"p2\"><span class=\"s1\">In recent weeks, the trade war between the Trump administration and China has been heating up, and fueling concerns that the global economy is on thin ice. The fears have caused a massive inflow of capital into <a href=\"https:\/\/uniquehot.com\/tag\/gold\/\">gold<\/a> and <a href=\"https:\/\/uniquehot.com\/tag\/bitcoin\/\">Bitcoin<\/a> markets due to their scarcity and potential use as an economic hedge.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">The two markets have been moving \u201clockstep\u201d over the last month and have shown the \u201chighest\u201d correlation between the two assets since 2016. After a strong move up in both assets, prices consolidated and gold has started to advance once again \u2013\u00a0will Bitcoin follow and continue along its bull run?<\/span><\/p>\n<h2 class=\"p2\"><span class=\"s1\">Digital and Physical Gold Continue To Show Correlation Amidst Economic Turmoil<\/span><\/h2>\n<p class=\"p2\"><span class=\"s1\">Gold, the chemical element and precious metal often used for orange jewelry and decor, is also used as an economic hedge during global recessions, a store of value, and historically, even a transnational currency.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2019\/06\/29\/nasa-asteroid-gold-bitcoin-space\/\">Space Holds The Key to The Bitcoin (BTC) Moon Mission: Flipping Gold<\/a><\/strong><\/em><\/p>\n<p class=\"p2\"><span class=\"s1\">Bitcoin, pitched as \u201cdigital gold\u201d shares many of the same attributes as the amber-colored previous metal, but exceeds its benefits by lacking a physical footprint requiring storage. Bitcoin, too, requires vault-like storage to protect it from thieves, but it only ever takes up data.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">Because the two share so many of the same similarities and benefits, it\u2019s not too surprising that the two asset types often show correlation in price movements. However, with mounting global economic pressure, the two assets have shown the highest correlation since 2016, according to analyst Mati Greenspan.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bitcoin and gold moving in lockstep over the last month. <a href=\"https:\/\/t.co\/6PsqxBtWZJ\" rel=\"nofollow\">pic.twitter.com\/6PsqxBtWZJ<\/a><\/p>\n<p>&mdash; Mati (@MatiGreenspan) <a href=\"https:\/\/twitter.com\/MatiGreenspan\/status\/68308997?ref_src=twsrc%5Etfw\" rel=\"nofollow\">July 3, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p2\"><span class=\"s1\">The Senior <a href=\"https:\/\/www.etoro.com\/en-us\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">eToro<\/a> analyst says that the two assets have been moving \u201clockstep\u201d over the last month since <a href=\"https:\/\/uniquehot.com\/tag\/gold\/\">gold<\/a> broke upward through resistance.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">Since then, the two assets have followed the same rally higher, followed by consolidation at this current levels. Gold recently started to climb again, which could suggest that Bitcoin will also follow a similar path upward.<\/span><\/p>\n<h2 class=\"p2\"><span class=\"s1\">Bitcoin A Sucker\u2019s Rally While Gold Moves Into Bull Run?<\/span><\/h2>\n<p class=\"p2\"><span class=\"s1\">Goldbug and Bitcoin basher Peter Schiff recently said that while gold\u2019s bull run was only just beginning, <a href=\"https:\/\/uniquehot.com\/2019\/06\/21\/crypto-peter-schiff-gold-bitcoin\/\">Bitcoin\u2019s recent rally was nothing more than a suckers rally<\/a>, and anyone putting money into the crypto asset is essentially throwing money away.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The advice that everyone should at least put some money into Bitcoin in case it moons, but no more than one can afford to lose, is self-serving for those who already own Bitcoin and want to sell.  Just because you can afford to lose money does not mean you should throw it away!<\/p>\n<p>&mdash; Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/56071426?ref_src=twsrc%5Etfw\" rel=\"nofollow\">July 2, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p2\"><span class=\"s1\">The analyst may end up being proven right if gold continues to climb from here, while Bitcoin heads downward to find support.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">Gold rose from lows around $1,269 to the current high of $1,423 per ounce, representing a 12% increase. In the same time, Bitcoin rose from lows around $3,150 to a local high of $13,800, bringing investors who bought the bottom 338% growth. While gold grew much less percentage-wise, it takes the entire Bitcoin market cap to move gold just 3%, so far less capital is at play here in Bitcoin markets.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">If the two diverge from here, gold could outshine <a href=\"https:\/\/uniquehot.com\/tag\/bitcoin\/\">Bitcoin<\/a> as the winner of the economic hedge arms race between the two assets. However, if Bitcoin continues its bull run, it will solidify it as a true digital replacement for gold.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In recent weeks, the trade war between the Trump administration and China has been heating up, and fueling concerns that the global economy is on thin ice. The fears have caused a massive inflow of capital into gold and Bitcoin markets due to their scarcity and potential use as an economic hedge. The two markets have been moving \u201clockstep\u201d over the last month and have shown the \u201chighest\u201d correlation between the two assets since 2016. After a strong move up in both assets, prices consolidated and gold has started to advance once again \u2013\u00a0will Bitcoin follow and continue along its bull run? Digital and Physical Gold Continue To Show Correlation Amidst Economic Turmoil Gold, the chemical element and precious metal often used for orange jewelry and decor, is also used as an economic hedge during global recessions, a store of value, and historically, even a transnational currency. Related Reading | Space Holds The Key to The Bitcoin (BTC) Moon Mission: Flipping Gold Bitcoin, pitched as \u201cdigital gold\u201d shares many of the same attributes as the amber-colored previous metal, but exceeds its benefits by lacking a physical footprint requiring storage. Bitcoin, too, requires vault-like storage to protect it from thieves, but it only ever takes up data. Because the two share so many of the same similarities and benefits, it\u2019s not too surprising that the two asset types often show correlation in price movements. However, with mounting global economic pressure, the two assets have shown the highest correlation since 2016, according to analyst Mati Greenspan. Bitcoin and gold moving in lockstep over the last month. pic.twitter.com\/6PsqxBtWZJ &mdash; Mati (@MatiGreenspan) July 3, 2019 The Senior eToro analyst says that the two assets have been moving \u201clockstep\u201d over the last month since gold broke upward through resistance. Since then, the two assets have followed the same rally higher, followed by consolidation at this current levels. Gold recently started to climb again, which could suggest that Bitcoin will also follow a similar path upward. Bitcoin A Sucker\u2019s Rally While Gold Moves Into Bull Run? Goldbug and Bitcoin basher Peter Schiff recently said that while gold\u2019s bull run was only just beginning, Bitcoin\u2019s recent rally was nothing more than a suckers rally, and anyone putting money into the crypto asset is essentially throwing money away. The advice that everyone should at least put some money into Bitcoin in case it moons, but no more than one can afford to lose, is self-serving for those who already own Bitcoin and want to sell. Just because you can afford to lose money does not mean you should throw it away! &mdash; Peter Schiff (@PeterSchiff) July 2, 2019 The analyst may end up being proven right if gold continues to climb from here, while Bitcoin heads downward to find support. Gold rose from lows around $1,269 to the current high of $1,423 per ounce, representing a 12% increase. In the same time, Bitcoin rose from lows around $3,150 to a local high of $13,800, bringing investors who bought the bottom 338% growth. While gold grew much less percentage-wise, it takes the entire Bitcoin market cap to move gold just 3%, so far less capital is at play here in Bitcoin markets. If the two diverge from here, gold could outshine Bitcoin as the winner of the economic hedge arms race between the two assets. However, if Bitcoin continues its bull run, it will solidify it as a true digital replacement for gold.<\/p>\n","protected":false},"author":517,"featured_media":388616,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,679,1948,2209,16917,41003],"class_list":["post-388610","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bitcoin-price","tag-etoro","tag-gold","tag-mati-greenspan","tag-peter-schiff"],"acf":[],"yoast_head":"\n<title>BTC and Gold Showing Correlated Moves, Will Bitcoin Price Rise From Here?<\/title>\n<meta name=\"description\" content=\"Gold and crypto asset Bitcoin have recently become more correlated than ever admist increasing economic turmoil and the trade war between the US and China.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/btc-gold-bitcoin-price-rise\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BTC and Gold Showing Correlated Moves, Will Bitcoin Price Rise From Here?\" \/>\n<meta property=\"og:description\" content=\"Gold and crypto asset Bitcoin have recently become more correlated than ever admist increasing economic turmoil and the trade war between the US and China.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/btc-gold-bitcoin-price-rise\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-07-03T20:00:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-07-03T18:27:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/07\/bitcoin-price-gold-crypto-shutterstock_742063846.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"5039\" \/>\n\t<meta property=\"og:image:height\" content=\"3359\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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