Will Bitcoin follow gold prices down when trading voltages slow down?
The trade tensions between the US and China appear to be diminishing as both nations agree. The lifting of tariffs is good for the economic recovery, but it is certain that assets such as gold are now cooling off, will Bitcoin follow suit
US-China trade war ended?
Officials from both sides said yesterday that tariffs could be reduced in the first phase of a wider agreement. Reuters reported that a timetable has not yet been set, but both China and the US agree that a trade agreement can be concluded.
Experts have warned that much remains to be done, that the situation is fragile and that it can quickly fall apart. Market optimism has returned after the trend as global equities rallied yesterday.
However, not all assets have benefited from the relaxation of the trading range. Gold, having reached a six-year high in September, has retreated. The price of gold has risen by 5.3% since this year’s peak and this week by almost 2.7% to 1. $ / oz liked.
“Gold is selling off with the prospects of an end to the trade war. But it is not the trade war, but the war against the savings of central banks, which is behind the rise of gold. Future US trade and budget deficits will now be bigger than ever, making gold ownership more important than ever! “Said Peter Schiff
What about Bitcoin?
So, back to Bitcoin, will BTC follow gold prices and also fall as the safe haven assets slow down? At the time of publication, BTC is still consolidating in the low 9th 08 $ 0 range, where it has been stuck for two weeks.
How many times have you flipped your bias in the last few days?
After big moves, $ 7.2k – $ 00 k, consolidation is common and many people get chopped up trying to guess what’s next.
Let PA develop and get involved when the direction becomes clear. pic.twitter.com/NHclZaTJMQ
– Mayne (@Tradermayne) November 8
One thing is certain, however, given the worsening current banking / credit / debt crisis, there will continue to be a great need for a safe haven, be it bitcoin or gold.
Text Proof: newsbtc
Last update: Friday, November 8 2019