Deemed by some as “gold with wings”, Bitcoin has a chance to prove it during one of the weakest days for gold.
In a very uncanny trading episode this Tuesday, gold, the previous yellow metal, erased $2.1 trillion of its market cap. Logging one of the worst trading days in the past decade, this $2.1 trillion pullback is equivalent to 55% of every crypto currency ever created, noted popular stock & crypto currency analyst Peter Brandt.
Bitcoin (BTC) has positively reacted to this, marking the rising instance of capital rotation from physical gold to digital gold is coming, explained famed Bitcoin (BTC) evangelist Anthony Pompliano. Despite Bitcoin (BTC) bouncing back from $104,000 to $113,000 following the gold’s weakness, the quick retracement back to $108,000 deemed BTC’s rally short-lived.
Gold’s Beat-down Opens Fresh Bitcoin Opportunities
This Tuesday, gold got annihilated along with silver in what seems to be a market correction move in gold & silver Futures markets. Even though gold, the safe haven against the United States Dollar’s inflation, had its worst day in the recent 12 years of trading, the commodity is still 27% up against Bitcoin (BTC) year-to-date.
After this drastic plunge, people have been spotted lining up buying physical gold in long queues in Sydney, Australia, as well as several spots in the United States (USA). While prominent crypto industry figures have reacted differently to gold’s plunge, Binance’s Changpeng ‘CZ’ Zhao forecasts Bitcoin (BTC) to eventually flip the precious yellow metal.
On the other hand, stock analyst Peter Schiff uttered: “Bitcoin is catching a bid from this selloff, creating another window for Bitcoiners to sell fool’s gold and buy the real thing”, sarcastically remarking that gold’s long-term worth is somehow supposed to be less speculative than BTC’s.
As of publication time, the showpiece digital asset is trading at $108,155.95, slipping by 2.1% over the past 24 hours, according to CoinGecko. With the crypto whales back in buying action, Bitcoin (BTC) has to close the day above $112,706 in order to clear the present bearish hurdle.
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