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Home Cryptocurrency news

Stocks Limit Up, Gold Revisits High, is Bitcoin About To Pump?

Tony Spilotro by Tony Spilotro
11 months ago
in Cryptocurrency news, Bitcoin
Reading Time: 3min read
bitcoin gold stocks
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Over the last month, as the coronavirus continues to have a devastating impact on the economy and markets, stocks, gold, Bitcoin, and other cryptocurrencies all saw record-breaking collapses.

However, today, multiple stock indexes limited up, and the safe-haven asset gold has reclaimed previous highs. Is Bitcoin the next asset to experience a massive pump?

Stock Market Futures Limit Up After Open, Gold Reclaims Previous Highs

Following record-breaking losses due to a global pandemic and resulting panic-induced selloff, assets are finally showing signs to a recovery.

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Earlier today, when the stock market first opened, major US stock index futures like the S&P 500 and Dow hit their limit up maximum. The powerful surge is due to the government releasing more information about economic stimulus packages, and the spread of the virus starting to lose some pace.

US stocks limit up. Gold back to the highs. That escalated quickly.

— Alex Krüger (@krugermacro) March 24, 2020

Alongside the stock market, gold has been climbing once again, reclaiming the highs it was trading at before the historic collapse.

While the stimulus packages are positive for saving the economy for further danger, essentially printing money causes massive inflation, which gold is the most common hedge against due to the asset’s relative scarcity.

Related Reading | Economist: Government Overspending Amidst Crisis is Bullish for Bitcoin 

Bitcoin is often called digital gold due to the asset having a digital scarcity and other important attributes that are similar to the precious metal. Bitcoin was designed to be deflationary, and only 21 million BTC can ever exist.

As more and more fiat currency is flooded into the market, it lowers the asset’s value. The falling value of fiat, in turn, can cause Bitcoin prices to rise.

And with stocks limiting up, gold reclaiming previous levels, could Bitcoin soon surge to back above $10,000?

Canceled By Coronavirus: Will Bitcoin Surge Ahead of the Halving?

It’s certainly possible, and with the asset’s halving in less than two months and the supply expected to diminish, the cryptocurrency’s value could skyrocket.

Of course, there’s no telling yet the damage that a black swan event like the coronavirus will ultimately do to the economy, and with Bitcoin being a high-risk, speculative asset, its value could very well go to zero during such chaos.

Bitcoin also has already nearly doubled in value since recent lows, suggesting that the asset’s recovery pump may have already happened.

Related Reading | Crypto Analyst: Digital Gold Narrative Out The Window Amidst Crisis 

These recent surges, however, despite showing signs of recovery, may simply be bearish retests confirming previous support as resistance before the next leg down. The days ahead will be especially telling in understanding if the market is ready to fully recover, or if this is just a calm before the real storm ahead.

Featured image from Shutterstock
Tags: bitcoincryptogoldS&P500Stock Market
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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