Gold and Bitcoin prices hit record highs in 2 days despite the plunging stock market




The correlation between gold price - Bitcoin price hits a one-year high


The coronavirus pandemic continues to spread like wildfire with nearly one million infected people worldwide. However, Bitcoin and gold are performing very well for the past two days.


The steady performance of these two assets comes at a time when Wall Street is in trouble - recording the worst quarter of 2020 in history, and thousands of people losing their jobs.


Gold - known for being the safest shelter, is doing relatively well in its current economic turbulence, at least based on the behavior of its most prominent financial collapse. What about Bitcoin? There is a lot of debate about whether BTC is a safe haven asset like gold. And Bitcoin is currently experiencing its first major financial crisis.


27,000 people are unemployed in the United States


As Covid-19 continued to spread, many people lost their jobs amid companies and businesses on the brink of bankruptcy. The main reason behind this is because countless countries are taking mandatory measures and recommendations, leaving entire industries in trouble.


According to the report of an ADP private sector processing unit, as many as 27,000 people lost their jobs in the past three months alone. However, this is still more optimistic than expected, as many consensus forecasts are calling for the number of unemployed at 150,000.


While the main Wall Street indices have seen a 4-5% decline in the past two days, at the time of writing the gold price has risen 2.5% and the Bitcoin price is even more impressive. .


Gold has kept a relatively steady increase recently, an ounce is now valued at over $ 1,600.


The chart of Gold (gold) and Bitcoin (orange) prices rose, while the S&P 500 fell (green). Source: TradingView
The chart of Gold (gold) and Bitcoin (orange) prices rose, while the S&P 500 fell (green). Source: TradingView

However, as previously reported, some models are offering reasonable prices for gold up to $ 8,900 - 5 times higher than current prices.


Bitcoin price is also moving


Gold is not the only asset that shows good performance. Bitcoin has shown respectable momentum in the past 24 hours as the coin earned more than $ 900, and is currently trading above $ 7,000.


Notably, BTC prices have risen more than 14% on the day and pushed the entire crypto market to a green color. However, the leading cryptocurrency is currently facing some strong resistance.


Overview of the cryptocurrency market. Source: Coin360
Overview of the cryptocurrency market. Source: Coin360

As seen in the chart above, altcoins are benefiting from Bitcoin, with Ethereum, Bitcoin Cash, Litecoin, EOS, Binance Coin and the majority of the top 20 coins recording a double-digit increase. The total market capitalization of the cryptocurrency has increased by more than $ 20 billion in the past day.


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According to CryptoPotato
Translated by ToiYeuBitcoin