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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Silver, Gold and Bitcoin: Even Safe Haven Assets Cannot Withstand The Coronavirus

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
gold silver bitcoin safe haven coronavirus recession

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Created by industry experts and meticulously reviewed
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When a crisis hits, investors move their capital into safe-haven assets like gold and silver. Bitcoin shares similar attributes as these precious metals, and a growing narrative suggesting it too will become a safe haven asset like gold has followed the asset over the last two years.

However, growing fears and concerns over the coronavirus reaching pandemic status, and the impact it is having on the economy and humanity itself, has caused even the strongest of safe-haven assets to collapse. And the blow to Bitcoin may have ended the safe haven narrative permanently.

Silver, Gold, and Bitcoin Come Collapsing Down After Coronavirus Reaches Pandemic Status

As the economy has inched closer to a recession over the last several years, investors have been slowly preparing for the inevitable by moving their money from stocks to gold, silver, and other more stable assets.

And while Bitcoin is anything but stable, the asset sharing important attributes with these precious metals has caused a safe haven narrative to surround the asset since the start of 2019, when the cryptocurrency began rising alongside gold.

Related Reading | Has the Coronavirus Put an End To the Bitcoin Safe Haven Narrative? 

The safe-haven narrative recently took a turn, as gold and silver maintained strength amidst a complete and utter collapse of the stock market, while Bitcoin began to nosedive.

However, after last night’s failure from the United States President Donald Trump to ease the public’s concerns over the spread of the pandemic and the latest developments around the virus have struck the film industry, sports, and travel.

Following a late-night update on the coronavirus from Trump, Dow futures began to plummet, kicking off a panic-induced selloff across the greater finance market.

The selloff didn’t just hit stocks, it caused gold and silver – the two main safe-haven assets – to suffer severe losses.

gold price chart silver price chart

Bitcoin suffered even worse, setting a lower low and smashing through the asset’s logarithmic growth curve and a seven-year-long bull market trend line.

The young crypto asset’s future is now in jeopardy, and if gold and silver which have served as a store of wealth, currency, and safe haven for ages can’t withstand the coronavirus and the stock market selloff, then neither will Bitcoin and the rest of the crypto market.

Related Reading | Is the Coronavirus The Black Swan Event That Crushes Cryptocurrency? 

As for what may bring relief to the markets, only a vaccine as this point will be enough to ease concerns, however, experts say that may be weeks, months, or even a year away.

With markets in total collapse and an end nowhere in sight, this recession may end up being the worst the world has ever witnessed.

Featured image from Shutterstock
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. 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’s 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’s 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. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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