{"id":416565,"date":"2020-03-02T12:00:00","date_gmt":"2020-03-02T12:00:00","guid":{"rendered":"https:\/\/uniquehot.com\/?p=416565"},"modified":"2024-06-11T13:42:45","modified_gmt":"2024-06-11T13:42:45","slug":"bitcoin-jumps-alongside-gold-on-fiscal-stimulus-sentiment","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-jumps-alongside-gold-on-fiscal-stimulus-sentiment\/","title":{"rendered":"Bitcoin Jumps Alongside Gold on Fiscal Stimulus Sentiment"},"content":{"rendered":"

Rival assets bitcoin and gold jumped hand-in-hand on Monday as investors pinned their hopes on central banks stimulating economies via new stimulus programs.<\/p>\n

The bitcoin-to-dollar exchange rate surged 3.28 percent to hit an intraday high of $8,64.08<\/a> following the European session open. At the same time, CME futures linked to the pair also notched higher by 3.57 percent, signaling a renewed bullish sentiment into the beginning of the new week.<\/p>\n

\"bitcoin,<\/a>
Bitcoin CME Futures begins the week in positive territory | Source: TradingView.com<\/figcaption><\/figure>\n

Gold also witnessed growth<\/a> in its investors’ upside sentiment. The yellow metal on Monday rebounded by up to 1.56 percent to trade at $1,611 an ounce. Meanwhile, its futures on COMEX also edged higher by 1.89 percent, a move that appeared in contrast with its frantic and disorderly selling last week.<\/p>\n

The Perceivable Correlation<\/h2>\n

Indeed, both gold and bitcoin underperformed in times when traders hoped they wouldn’t. Their markets were showing weakness as the Coronavirus started infecting more and more people outside China. Traders expressed shocks over the massive sell-offs, notably because bitcoin and gold had surged impressively against the US-Iran military tensions<\/a> in January.<\/p>\n

The low-confidence appeared mainly because the equities and bond yields were declining back then as well. Traders considered bitcoin and gold to behave as havens against the turmoil in risk-on assets. But with all of them falling in tandem, it showed investors were merely speculating on bitcoin and gold: Buying them at lows and selling them at highs.<\/p>\n

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Yield curve and US treasure bonds collapsing. Look at the stock market going down is exiting, but the real threat is in the bubble debt Bonds… buy gold and #bitcoin<\/a>… pic.twitter.com\/QT0ok6OTd0<\/a><\/p>\n

— Javierbitcoin (@javierbitcoin) March 2, 2020<\/a><\/p><\/blockquote>\n