{"id":456948,"date":"2021-02-17T13:00:07","date_gmt":"2021-02-17T13:00:07","guid":{"rendered":"https:\/\/wncen.com\/?p=456948"},"modified":"2024-06-11T14:13:24","modified_gmt":"2024-06-11T14:13:24","slug":"bitcoin-explodes-towards-52000-as-gold-forms-bearish-death-cross","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-explodes-towards-52000-as-gold-forms-bearish-death-cross\/","title":{"rendered":"Bitcoin Explodes Towards $52,000 as Gold Forms Bearish Death Cross"},"content":{"rendered":"<p>Bitcoin achieved yet another record high in a price rally that has already seen it surging by more than 1,100 percent from its March lows last year. Incidentally, gold, which many consider Bitcoin&#8217;s top safe-haven rival, painted a death cross pattern on its daily chart.<\/p>\n<p>A recent run-up in the <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-fails-to-push-past-38k-on-stronger-dollar-higher-yields\/\" target=\"_blank\" rel=\"noopener \">long-dated Treasury yields<\/a>, prompted by a sell-off in the US bond markets following investors&#8217; gravitation towards riskier assets, pressured the spot gold prices lower. The precious metal dropped by almost 9 percent from its year-to-date high of $1,959 an ounce.<\/p>\n<figure id=\"attachment_456953\" aria-describedby=\"caption-attachment-456953\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/02\/lZ5JbyLe.png\" target=\"_blank\" rel=\"noopener \"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-456953\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/02\/lZ5JbyLe.png?resize=860%2C498\" alt=\"Gold, XAUUSD, XAUBTC, cryptocurrency\" width=\"860\" height=\"498\"><\/a><figcaption id=\"caption-attachment-456953\" class=\"wp-caption-text\">Gold forms 50-200 MA Golden cross on its daily chart. Source: XAUUSD on TradingView.com<\/figcaption><\/figure>\n<pre>Gold forms 50-200 MA Golden cross on its daily chart. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/XAUUSD\/?exchange=OANDA\" target=\"_blank\" rel=\"noopener nofollow\">XAUUSD on TradingView.com<\/a><\/pre>\n<h2>Meanwhile&#8230;<\/h2>\n<p>&#8230;all the three Wall Street indexes notched their historic highs. Bitcoin, which tends to behave as a safe-haven amid market uncertainties, joined the risk-on mood after Tesla, Mastercard and BNY showed support in its favor. In particular, Tesla <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-market-cap-surpasses-tesla-heres-which-companies-are-next\/\" target=\"_blank\" rel=\"noopener \">revealed that it now holds $1.5 billion worth of Bitcoin<\/a> units and plans to use cryptocurrency as a payment mode for its services and products.<\/p>\n<p>On the other hand, mainstream investors <a href=\"https:\/\/wncen.com\/opinion\/2021-is-bitcoins-year-how-to-get-in-on-the-digital-gold-rush\/\" target=\"_blank\" rel=\"noopener \">dumped gold to seek positions in other commodities<\/a>. BlackRock, the world\u2019s largest asset manager, revealed in its SEC filings that it sold 2.7 million SPDR Gold Shares and reallocated the proceeds to purchase 1.18 million shares of iShares Silver Trust (SLV).<\/p>\n<p>In January, BlackRock granted two of its funds the ability to invest in bitcoin futures.<\/p>\n<p>Holger Zsch\u00e4pitz, senior editor of finance at Germany daily Die Welt, noted the possibility of investors dumping their gold positions to seek returns in the Bitcoin market.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> is eating Gold in one chart! Gold\/Bitcoin ratio hit fresh All-Time low. <a href=\"https:\/\/t.co\/faWhyzYkQD\" rel=\"nofollow\">pic.twitter.com\/faWhyzYkQD<\/a><\/p>\n<p>&mdash; Holger Zschaepitz (@Schuldensuehner) <a href=\"https:\/\/twitter.com\/Schuldensuehner\/status\/65963009?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 17, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In his <a href=\"https:\/\/assets.bbhub.io\/promo\/sites\/12\/1009246_Crypto-Feb2021Outlook.pdf?link=button-header\" target=\"_blank\" rel=\"noopener nofollow\">market outlook<\/a> to clients published earlier this month, Bloomberg Intelligence&#8217;s senior commodity strategist, Mike McGlone, also stressed Bitcoin&#8217;s potential to mousetrap gold&#8217;s market in the coming sessions. Excerpts:<\/p>\n<blockquote><p>&#8220;In a world going digital, it&#8217;s logical to expect more funds to flow toward Bitcoin and away from precious metals. Outflows from gold exchange-traded funds and inflows for products tracking the benchmark crypto support a potential paradigm shift. Volatility metrics also solidify Bitcoin&#8217;s price foundation and potential for a 100x resistance threshold vs. gold.&#8221;<\/p><\/blockquote>\n<h2>What&#8217;s Next for Bitcoin?<\/h2>\n<p>As bond yields surge higher, <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-eyes-50k-with-weaker-dollar-stimulus-and-tesla-in-focus\/\" target=\"_blank\" rel=\"noopener \">anticipations of massive stimulus package rise<\/a>, and the Federal Reserve continues to stay on its dovish course, investors would most likely prefer to inflate the risk-on market bubble. That could stress gold further to the downside.<\/p>\n<blockquote><p>&#8220;We remain positive on equities,\u201d Bastien Drut, senior strategist at CPR Asset Management, <a href=\"https:\/\/www.ft.com\/content\/bbf6c0c1-aa31-403b-a259-b7cd0d2eca56\" target=\"_blank\" rel=\"noopener nofollow\">told FT<\/a> &#8220;because although bond yields have room to rise further, the rise in yields and the rise in equities are coming from the same place, which is economic growth.&#8221;<\/p><\/blockquote>\n<p>Bitcoin, buoyed by its integration into Wall Street firms as a backup to cash, could see further adoption from gold and the US dollar dumpers. Nonetheless, the cryptocurrency has <a href=\"https:\/\/wncen.com\/news\/bitcoin\/correction-anticipated-as-bitcoin-runs-past-51700-in-parabolic-rally\/\" target=\"_blank\" rel=\"noopener \">climbed too far too quickly<\/a>, which amounts to a certain degree of a downside correction.<\/p>\n<p>https:\/\/twitter.com\/leadlagreport\/status\/38628866<\/p>\n<p>The cryptocurrency was trading at $51,011 at the press time.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin achieved yet another record high in a price rally that has already seen it surging by more than 1,100 percent from its March lows last year. Incidentally, gold, which many consider Bitcoin&#8217;s top safe-haven rival, painted a death cross pattern on its daily chart. A recent run-up in the long-dated Treasury yields, prompted by a sell-off in the US bond markets following investors&#8217; gravitation towards riskier assets, pressured the spot gold prices lower. The precious metal dropped by almost 9 percent from its year-to-date high of $1,959 an ounce. Gold forms 50-200 MA Golden cross on its daily chart. Source: XAUUSD on TradingView.com Meanwhile&#8230; &#8230;all the three Wall Street indexes notched their historic highs. Bitcoin, which tends to behave as a safe-haven amid market uncertainties, joined the risk-on mood after Tesla, Mastercard and BNY showed support in its favor. In particular, Tesla revealed that it now holds $1.5 billion worth of Bitcoin units and plans to use cryptocurrency as a payment mode for its services and products. On the other hand, mainstream investors dumped gold to seek positions in other commodities. BlackRock, the world\u2019s largest asset manager, revealed in its SEC filings that it sold 2.7 million SPDR Gold Shares and reallocated the proceeds to purchase 1.18 million shares of iShares Silver Trust (SLV). In January, BlackRock granted two of its funds the ability to invest in bitcoin futures. Holger Zsch\u00e4pitz, senior editor of finance at Germany daily Die Welt, noted the possibility of investors dumping their gold positions to seek returns in the Bitcoin market. #Bitcoin is eating Gold in one chart! Gold\/Bitcoin ratio hit fresh All-Time low. pic.twitter.com\/faWhyzYkQD &mdash; Holger Zschaepitz (@Schuldensuehner) February 17, 2021 In his market outlook to clients published earlier this month, Bloomberg Intelligence&#8217;s senior commodity strategist, Mike McGlone, also stressed Bitcoin&#8217;s potential to mousetrap gold&#8217;s market in the coming sessions. Excerpts: &#8220;In a world going digital, it&#8217;s logical to expect more funds to flow toward Bitcoin and away from precious metals. Outflows from gold exchange-traded funds and inflows for products tracking the benchmark crypto support a potential paradigm shift. Volatility metrics also solidify Bitcoin&#8217;s price foundation and potential for a 100x resistance threshold vs. gold.&#8221; What&#8217;s Next for Bitcoin? As bond yields surge higher, anticipations of massive stimulus package rise, and the Federal Reserve continues to stay on its dovish course, investors would most likely prefer to inflate the risk-on market bubble. That could stress gold further to the downside. &#8220;We remain positive on equities,\u201d Bastien Drut, senior strategist at CPR Asset Management, told FT &#8220;because although bond yields have room to rise further, the rise in yields and the rise in equities are coming from the same place, which is economic growth.&#8221; Bitcoin, buoyed by its integration into Wall Street firms as a backup to cash, could see further adoption from gold and the US dollar dumpers. Nonetheless, the cryptocurrency has climbed too far too quickly, which amounts to a certain degree of a downside correction. https:\/\/twitter.com\/leadlagreport\/status\/38628866 The cryptocurrency was trading at $51,011 at the press time.<\/p>\n","protected":false},"author":50,"featured_media":456958,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,1558],"class_list":["post-456948","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-cryptocurrency"],"acf":[],"yoast_head":"\n<title>Bitcoin Explodes Towards $52,000 as Gold Forms Bearish Death Cross<\/title>\n<meta name=\"description\" content=\"Bitcoin achieved yet another record high in a price rally that has already seen it surging by more than 1,100 percent 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He is profoundly active in the bitcoin space since 2014 \u2013 and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.\",\"url\":\"https:\/\/wncen.com\/author\/gola-yashu\/\"}]}<\/script>\n","yoast_head_json":{"title":"Bitcoin Explodes Towards $52,000 as Gold Forms Bearish Death Cross","description":"Bitcoin achieved yet another record high in a price rally that has already seen it surging by more than 1,100 percent from its March lows.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/wncen.com\/news\/bitcoin-explodes-towards-52000-as-gold-forms-bearish-death-cross\/","og_locale":"en_US","og_type":"article","og_title":"Bitcoin Explodes Towards $52,000 as Gold Forms Bearish Death Cross","og_description":"Bitcoin achieved yet another record high in a price rally that has already seen it surging by more than 1,100 percent from its March 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