Safe Haven? Bitcoin Price Falls Below $11,000 Alongside Gold Bull Rejection
has been rallying throughout 2019, and most believe that the crypto asset is about to embark on its greatest bull run yet. As global economic tensions and uncertainty rise, so does the price of gold and its digital counterpart . The rise has only further driven e, suggesting it’s the best store of value during times of economic collapse.
Before the economy can collapse, the price of both Bitcoin and gold have begun to pull back, showing a continued correlation between the two safe-haven assets. Given gold’s longevity, it’ll always be favored as an , but will this latest drop start to cause investors to question Bitcoin’s safe haven narrative or does the continued correlation only further solidify that the narrative has legitimacy?
Continued Correlation Between Gold and Bitcoin Price Movements Only Further Cements Safe Haven Narrative
Throughout much of 2019, Bitcoin price has grown substantially, making it the best performing asset of the year thus far. In recent weeks, as a trade war brewing between the United States and China heats up, gold – the long lauded safe-haven asset investors move capital into during economic downturns – has started to rise ahead of a potential economic collapse.