FTX Blowout Could Drop BTC to $5,000, Shift Demand to Gold: Standard Chartered
An underpriced scenario for Bitcoin involves the flagship crypto dropping to $5,000 if the meltdown persists.
BTC$60,759.00-2.77%
ETH$1,612.17-3.02%
USDT$0.9985-0.03%
USDC$0.9997-0.01%
XRP$1.07-3.27%
SOL$67.74-2.45%
TRX$0.3272-0.52%
FIGR_HELOC$1.03-0.64%
HYPE$63.29+1.91%
DOGE$0.0758-3.76%
USDS$0.9995-0.02%
RAIN$0.0159+1.41%
LEO$9.42-1.09%
ZEC$411.87-1.22%
XLM$0.1859-4.87%
BTC$60,759.00-2.77%
ETH$1,612.17-3.02%
USDT$0.9985-0.03%
USDC$0.9997-0.01%
XRP$1.07-3.27%
SOL$67.74-2.45%
TRX$0.3272-0.52%
FIGR_HELOC$1.03-0.64%
HYPE$63.29+1.91%
DOGE$0.0758-3.76%
USDS$0.9995-0.02%
RAIN$0.0159+1.41%
LEO$9.42-1.09%
ZEC$411.87-1.22%
XLM$0.1859-4.87%
Crypto experts refer to bitcoin as digital gold, but an analysis of these two assets' returns and volatility shows that bitcoin hasn't yet earned the right to be called digital…
An underpriced scenario for Bitcoin involves the flagship crypto dropping to $5,000 if the meltdown persists.
Bitcoin's correlation with gold has increased to 0.50, up from around zero in mid-August.
The SEC sued Arbitrade and several affiliated companies for offering digital assets falsely marketed as being gold-backed.
Gold and silver perform poorly as the Fed continues tightening monetary policy to tame inflation.
Gold is up by 0.6% year-to-date while Bitcoin is down by more than 55%. Is the crypto still a good store of value?
The price of gold has been holding up well, despite some analysis suggesting a lack of investor interest.
Bitcoin continues having a strong correlation with tech stocks while its short-term correlation with gold and US bonds grows.
Bitcoin has no real track record when it comes to recessionary behavior. Investors should pay heed as a potential recession looms around the corner.
When stocks and bonds are volatile and geopolitical tensions remain high, gold would usually outperform. So, what's holding gold back right now?
Gold may offer Russia and other targeted entities a more suitable option for bypassing sanctions as generating and accessing foreign exchanges becomes increasingly tricky.
The U.S. has enjoyed the benefits of the dollar being the world's reserve currency, but economists wonder whether that could change.
Gold is set to perform well this year as geopolitical tensions exacerbate the sentiment around risk assets.