According to Panos Mourdoukoutas, contributor from Forbes.com, there is strong evidence that Bitcoin is becoming a new “gold pattern” in money market and it can be seen as a positive signal for that coin increase in short term. Check it…
Right after a prolonged correction, Bitcoin is back major time. The “people’s currency” gained close to 7% this week, stabilizing around the $11,000 mark. Is this comeback for genuine?
Hard to say, as you can find hardly any “fundamentals” to judge regardless of whether Bitcoin is undervalued or overvalued at these levels. Still, you will discover a couple of bullish indicators for the digital currency worth noticing.
One of them is the fact that Bitcoin is beginning to behave like the ‘new gold’, shining in occasions of extreme uncertainty that take more than Wall Street.
There was a time when gold would shine as Wall Street faltered. That was long time ago, when it was the hedge against uncertainty. It was the asset exactly where investors could park their money in instances of political and economic turmoil.
Now Bitcoin is taking its location, as evidenced by the efficiency from the two assets overtime.
Bitcoin, for example, rallied last week, as standard gold and stocks faltered, due to anxiousness over the path of interest rates and world trade. The “people’s currency” gained 13.95% in early in the week and 22.81% inside the final 30 days. Meanwhile, the SPDR Gold Trust lost two.31% and two.51% over the exact same period, and also the S&P500 lost 3.53% and 4.93%.