Gold Hits Record High As Bitcoin Falls After Trump Comments
The post Gold Hits Record High As Bitcoin Falls After Trump Comments appeared on BitcoinEthereumNews.com. The price of gold hit an all-time high after US President Donald Trump commented on inflation on his social media platform, but Bitcoin was moving in the opposite direction on Monday, in what could be seen as an example of Bitcoin’s “split personality.” Over the past two and a half years, there has been a strong correlation between gold, Bitcoin, and the Nasdaq, with all of them ripping higher, IG market analyst Tony Sycamore told Cointelegraph. “However, there has been a breakdown in the correlation between gold and Bitcoin in recent weeks, which isn’t uncommon for brief periods and comes due to Bitcoin’s split personality.” “At times, Bitcoin is viewed as a store of value or a safe haven, and at other times it’s viewed as a risk asset,” he added. The price of gold climbed to its highest ever level on Monday, reaching $3,485 per ounce after a 1% spike, according to GoldPrice. It came after Trump posted to his social media platform Truth Social on Sunday, stating, “prices are ‘WAY DOWN’ in the USA, with virtually no inflation.” Source: Donald Trump Meanwhile, Bitcoin (BTC) has fallen to its lowest level since early July in a divergent move. It fell to a two-month low of $107,290 on Coinbase on Monday morning, according to TradingView. This has resulted in its deepest correction from the mid-August all-time high, as the pullback exceeded 13%. Bitcoin-gold correlation questioned “These days, Bitcoin and gold aren’t really moving together,” Vince Yang, co-founder of Ethereum layer-2 platform zkLink, told Cointelegraph. “The correlation’s been pretty low, even negative at times this year. Gold’s still the classic ‘safe-haven’ play, while Bitcoin is more tied to liquidity and market risk,” he said. “Basically, they balance each other out rather than run side by side.” However, Sycamore believes the correlation…
The post Gold Hits Record High As Bitcoin Falls After Trump Comments appeared on BitcoinEthereumNews.com.
The price of gold hit an all-time high after US President Donald Trump commented on inflation on his social media platform, but Bitcoin was moving in the opposite direction on Monday, in what could be seen as an example of Bitcoin’s “split personality.” Over the past two and a half years, there has been a strong correlation between gold, Bitcoin, and the Nasdaq, with all of them ripping higher, IG market analyst Tony Sycamore told Cointelegraph. “However, there has been a breakdown in the correlation between gold and Bitcoin in recent weeks, which isn’t uncommon for brief periods and comes due to Bitcoin’s split personality.” “At times, Bitcoin is viewed as a store of value or a safe haven, and at other times it’s viewed as a risk asset,” he added. The price of gold climbed to its highest ever level on Monday, reaching $3,485 per ounce after a 1% spike, according to GoldPrice. It came after Trump posted to his social media platform Truth Social on Sunday, stating, “prices are ‘WAY DOWN’ in the USA, with virtually no inflation.” Source: Donald Trump Meanwhile, Bitcoin (BTC) has fallen to its lowest level since early July in a divergent move. It fell to a two-month low of $107,290 on Coinbase on Monday morning, according to TradingView. This has resulted in its deepest correction from the mid-August all-time high, as the pullback exceeded 13%. Bitcoin-gold correlation questioned “These days, Bitcoin and gold aren’t really moving together,” Vince Yang, co-founder of Ethereum layer-2 platform zkLink, told Cointelegraph. “The correlation’s been pretty low, even negative at times this year. Gold’s still the classic ‘safe-haven’ play, while Bitcoin is more tied to liquidity and market risk,” he said. “Basically, they balance each other out rather than run side by side.” However, Sycamore believes the correlation…
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