{"id":390546,"date":"2019-07-21T19:30:41","date_gmt":"2019-07-21T19:30:41","guid":{"rendered":"https:\/\/wncen.com\/?p=390546"},"modified":"2024-06-11T13:45:43","modified_gmt":"2024-06-11T13:45:43","slug":"silvers-rally-may-be-fueled-by-concerns-about-bitcoins-status-as-a-safe-haven-investment","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/silvers-rally-may-be-fueled-by-concerns-about-bitcoins-status-as-a-safe-haven-investment\/","title":{"rendered":"Silver\u2019s Rally May Be Fueled by Concerns About Bitcoin\u2019s Status as a Safe Haven Investment"},"content":{"rendered":"
Bitcoin and the entire cryptocurrency markets have incurred a severe bout of volatility over the past several weeks and months, which has primarily been in favor of the cryptocurrency\u2019s bulls.<\/p>\n
Lately, Silver has also been incurring some positive price action, and one analyst believes that this has largely been driven by investors increasingly viewing Bitcoin as being too volatile to be an effective safe haven asset.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down nearly 2% at its current price of $10,400, which is down significantly from its 24-hour highs of over $11,000 that were set yesterday after the cryptocurrency sharply moved upwards before incurring a massive influx of selling pressure.<\/p>\n In contrast, Silver has been consistently skyrocketing for the past several weeks, and is currently trading at $16.19 per ounce, which is up significantly from its recent lows of $14.3 per ounce that were set in early-June.<\/p>\n Although this type of price movement seems nominal when compared to those seen within the crypto markets, it is important to note that this price surge is quite significant for a safe haven asset like Silver.<\/p>\n Gold has also been facing growing buying pressure as of late, and is currently trading at $1,425 per ounce, up from its one-month lows of $1,350.<\/p>\n Importantly, one analyst believes that Bitcoin\u2019s recent volatility has done severe damage<\/a> to its image of being a digital safe haven investment, and that the outflow of capital from BTC may be entering commodities like Silver and Gold.<\/p>\n Jim Iuorio, the managing director at TJM Institutional Services, recently discussed this possibility while speaking to CNBC<\/a>, saying:<\/p>\n \u201cI think one of the reasons that silver\u2019s rallied like it [has] is because bitcoin\u2019s kind of been taken off the list of safe havens with its recent volatility, so something had to replace it.\u201d<\/p><\/blockquote>\nCould Silver’s Price Surge Be the Result of BTC’s Decline?<\/strong><\/h2>\n