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After Last Week’s Rally, Both Bitcoin and Gold Are Experiencing Price Correction
Summary: At the time of writing, bitcoin price has dropped 2.73% to less than $11,542, as suggested by Bitpush data. Tuesday’s price correction came alongside gold price falling below $2000 and silver price falling 6.85%. The correlation between bitcoin and gold prices appears to be positive. However, as bitcoin price correcting, the S&P 500 rose up ...
At the time of writing, bitcoin price has dropped 2.73% to less than $11,542, as suggested by Bitpush data. Tuesday’s price correction came alongside gold price falling below $2000 and silver price falling 6.85%.
The correlation between bitcoin and gold prices appears to be positive. However, as bitcoin price correcting, the S&P 500 rose up by 9 points this morning, indicating the U.S. market’s strong opening on Tuesday.
Crypto players have been comparing features of bitcoin with those of stock and gold, debating about whether bitcoin is more similar to stock or gold. In early July, the market saw an increasing correlation between bitcoin and S&P 500, assuming bitcoin is moving away from safe-haven assets to traditional assets. Recent metrics, on the other hand, have shown the opposite story.
By Lily Yang
Tags: Bitcoin (BTC),correction,Gold Price,S&P 500
Link: After Last Week’s Rally, Both Bitcoin and Gold Are Experiencing Price Correction [Copy]
