Is the new record price for gold a good omen for Bitcoin?
Last Updated on 5 April 2024 by CryptoTips.eu
A few weeks after Bitcoin hit a new all-time high ($74,000), gold also recorded a new record price ($2,300). Does this mean that investors are increasingly seeking out investments where ‘scarcity’ is a buzzword, or how should we view this? And what does this mean for the Bitcoin price as we count down to the halving?
Central banks
Geopolitical events such as Israel’s attack on the Iranian embassy in Syria earlier this week has investors reaching for safe havens. Gold was at an all-time record this week, and Bitcoin is also still trading around its all-time high.
Analysts point to the deteriorated economic climate in China as a possible explanation for the record price run of gold. As the Chinese yuan continues to lose value, Chinese investors are choosing gold to safeguard the value of their investments.
Central banks in several countries have also purchased significant amounts of gold in recent months, especially the Chinese, Indian, Russian and Kazakh central banks.
Bitcoin is bubbling just under ATH.
— cr_zilla (🧠,🧠) (@cr_zilla) April 4, 2024
Gold is hitting new ATHs...
Silver is hitting new ATHs...
It's an election year....
RAISE YOUR TARGETS
We are going much much higher.
Bitcoin halving in 15 days
Bitcoin, which showed a strong correlation with the rise of gold earlier this year, is climbing higher again as well. Crypto fans are counting down to the halving, which according to the latest calculations would take place within 15 days.
After the first halving, the price of Bitcoin rose by 8,000%, after the second halving by 3,000% and after the third halving by 800%. What will it be this time? No one knows, but with gold and Bitcoin at record prices, things are once again looking very good.
