$83,136.00
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1.66%$4.12
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0.06%$0.999376
0.05%$12.86
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-4.23%$0.00000728
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5.57%$1.045
-0.03%$48.82
-0.66%$35.48
-1.58%$22.58
-1.53%$0.80962
-2.46%$83,113.00
-1.14%$5.42
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-0.27%$0.806424
-2.17%$16.78
-1.94%$167.42
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0.24%$10.18
-1.60%$0.02328837
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0.00%$0.364972
-6.53%$4.30
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1.46%$11.13
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-8.44%$1.084
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0.65%$0.275701
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19.53%$1.76
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0.05%$16.18
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0.06%$0.998988
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0.09%$0.171116
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2.87%$0.00000161
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3.28%$2.66
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148.57%$21.79
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-0.01%Reading
The price of gold has fallen four percent today, continuing its price slide from last week.
Gold has a longstanding reputation as a hedge against uncertainty, with its price traditionally rising when other stocks are falling. Bitcoiners argue that the same applies to BitcoinBitcoin: that it is designed to counter an economy that prints money at will, and where inflation is rampant. They call it ‘digital gold’.
This narrative has come under strain over the last week. As the economy has fallen out of the sky, so has the price of Bitcoin. It is now down more than 50% from $9,600 to its current value of $4,770.
The mother of all weeks has seen Bitcoin in freefall. The biggest price drop since 2013 followed a WHO announcement of a global pandemic, and President Trump’s ban on flights between the US and Europe. Uncertainty gripped the financial markets, and sent cryptocurrencies plummeting along with other assets, stocks and bonds. On Thursday, Bitcoin had its worst day in history. Its price dropped from $7,900 to $4,600 over 40%. It then continued to drop, reaching a low of $3,850. While it’s bounced...
However, gold has been following the decline of the stock markets too. After rising 30% over the last year, it has dropped by 11% over the last nine days, seeing further declines today.
“Things are so bad that even gold is not a safe haven,” tweeted Bovell Global Macro, a hedge fund based in the Cayman Islands.
Few investments are performing well right now; the only exceptions are cash and certain stocks, such as products that support remote working.
Things are so bad that even gold is not a safe-haven.
— Bovell Global Macro (@Bovell_GM) March 16, 2020
Despite this, goldbugs remain certain that its status as a safe haven is secure.
According to the Telegraph, traders have been selling gold to cover losses in the stock market—or to buy stocks at a discount. And that, once the market rebounds, the prices should bounce back.
Peter Schiff, CEO of Euro Pacific Capital, tweeted: “Gold is falling because investors are clueless as to what is coming. Their mindset is similar to that of central bankers. They have no idea how bad the consequences of the current monetary & fiscal policy mistakes will be. When they figure it out en masse, gold will skyrocket.”
Gold is falling because investors are clueless as to what is coming. Their mindset is similar to that of central bankers. They have no idea how bad the consequences of the current monetary & fiscal policy mistakes will be. When they figure it out en masse, #gold will skyrocket.
— Peter Schiff (@PeterSchiff) March 16, 2020
Despite Bitcoin’s price drop, Bitcoiners are arguing the same thing. “Bitcoin is the world's greatest hedge to this,” Tyler Winklevoss, CEO of crypto exchange Gemini, tweeted, referring to the Fed’s decision to cut interest rates to near zero.
That is, if either Bitcoin or gold ever recover.
Elon Musk’s favorite cryptocurrency made a comeback at the end of last year as retail investors flooded back into the market to snap up Dogecoin. The coin was launched as a joke in 2013, but has persisted over the years and remained prominent. But just how serious is the business of mining the O.G. meme coin? People are actively buying the machines to do so, according to vendors at this year’s Mining Disrupt conference in Fort Lauderdale, Florida. Though the conference was heavily focused on th...
Banks can engage in cryptocurrency and other legally permitted activities without seeking prior regulatory approval, so long as they manage risks appropriately, The Federal Deposit Insurance Corporation announced Friday. The policy change rescinds a 2022 requirement that mandated FDIC-supervised institutions notify the agency before engaging in crypto-related activities. Under the new guidance, banks can offer services involving digital assets without the agency's advance permission. "With today...
The NASDAQ exchange has applied to the U.S. Securities and Exchange Commission to list shares of an Avalanche exchange-traded fund issued by crypto asset manager Grayscale. The 19b-4 form for Grayscale's AVAX ETF follows its registration as a Delaware Trust entity more than two weeks ago. If approved, the AVAX ETF would use Coinbase Custody as its custodian, the 19b-4 shows. The issuer must still file an S-1 registration statement describing the product, however. AVAX, the utility token of L...
