• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
NewsBTC
No Result
View All Result
bitcoin vs gold
Nexo Logo

Gold Proves To Be A Safe Haven Asset Amid Bitcoin Crash

Best Owie by Best Owie
2 months ago
in Bitcoin
Reading Time: 3 mins read
Advertisement

The advantages of holding bitcoin over gold have been publicized and debated countless times. These two digital assets, one a physical asset and the other referred to as the “digital gold”, have both gone head-to-head when it comes to which one is the better store of value. As the bitcoin crash raged on last week, the discussion is once again being had about the merits of holding a relatively stable asset such as gold compared to a volatile one such as bitcoin.

Gold Provides Cover

Over the past week, the price of bitcoin had declined more than 30%. This had led to a sea of red in the market as the rest of the cryptocurrencies followed suit. During this time, the year-to-date value of bitcoin had dumped significantly. This put the digital asset which had been outperforming its physical counterpart for quite a while behind it once more.

Related Reading | Over $250 Million In Liquidations As Bitcoin Recovers Above $20,000

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Despite the year-over-year returns of gold being gown, it remained in the positive while that of bitcoin has declined into the red. As of Tuesday, gold is up 0.6% year-to-date, putting it in the green territory. As for bitcoin, the cryptocurrency is now down a whopping 55% on a year-to-date basis. 

The volatility of bitcoin has been a cause for concern for those in the traditional finance market. However, it has also been one of the biggest pulls for those invested in the asset. It had grown more than 50% last year to an all-time high of $69,000 before declining over the next six months to a low of $17,600.

Bitcoin price chart from TradingView.com

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!
BTC price trading below $21,000 | Source: BTCUSD on TradingView.com

While the sell-offs have rocked bitcoin, gold has not been as unfortunate. So when it comes to the argument of which of these digital assets serves as the better inflation hedge, gold has now come ahead of the cryptocurrency.

Bitcoin Going Down?

Bitcoin’s recovery streak has been encouraging over the past couple of days. After hitting a low in the $17,000 territory, the recovery has been steady ever since, save a few dips here and there. With this has come a recovery above the 5-day moving average for the first time in the last week.

Despite this, the selling pressure has remained high and more sell-offs are rocking the market. However, support is beginning to form above the $18,000.

Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.

Related Reading | Bitcoin Recovery Wades Off Celsius Liquidation, But For How Long?

There are also the implications of the price of the digital asset falling below the previous cycle high for the first time ever. It has given credence to the school of thought that the digital asset has not reached its bear market bottom. Coupled with the fact that bitcoin has previously fallen at least 80% in all its previous markets, the bottom is likely to come in at around $13,000.

Additionally, the bottom is expected to happen about 15 months after the previous halving which puts the bottom at some time in the 4th quarter of 2022.

Bitcoin is trading at $21,313 at the time of this writing. It is up 1.93% in the last 24 hours with a market cap of $405.8 billion.

Featured image from Kinesis Money, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Tags: bitcoinbitcoin pricebitcoin vs goldbtcbtcusdgoldgold price
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Best Owie

Best Owie

Related Posts

Bitcoin Is An alternative To Economic Condition, Says CEO Of Franklin

Bitcoin Is An alternative To Economic Condition, Says CEO Of Franklin

12 hours ago
Bitcoin Bear

Bitcoin Bearish Signal: Whales With 1k-10k BTC Depositing To Exchanges

14 hours ago
Bitcoin Bear

Bitcoin aSOPR Fails Retest Of Historical Bull-Bear Junction

2 days ago
Is Bitcoin Price Hiking Due To An External Reason, What Does The Data Suggest

Is The Bitcoin Surge Due To An External Reason? What The Data Suggests

2 days ago
Glassnode Report Shows Bitcoin And Ethereum Derivatives Gain Massive Traction

Glassnode Report Shows Bitcoin And Ethereum Derivatives Gain Massive Traction

2 days ago
bitcoin bear

Bearish Signal: Why Bitcoin Miner Sell-Offs May Continue

2 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

LBank Exchange Will List RedEyesMovement (REM) on August 15, 2022

August 13, 2022

As Nearly 75% of Retailers Plan to Accept Crypto, Watch Out for Dogecoin and HachiFi

August 13, 2022

Best Top Coins Alternatives Under $1 to Buy – Pugglit Inu & Cardano

August 13, 2022

Dubai To Be the Web 3 & Metaverse Capital of The World

August 12, 2022

MEXC activated the “Investor Protection Fund” in response to the Dragoma (DMA) incident, and launched the “potion” airdrop compensation benefits

August 12, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Bitcoin Casino Reviews

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.