Analyst: Bitcoin Price Can Reach $50k On Macroeconomic Uncertainty

Bitcoin’s price is stagnating under a wave of positive macroeconomic news, but this is a party that cannot continue indefinitely and when the global economy does come crashing down, some believe that the price of Bitcoin could soar as high as $50k.
This being said, it now becomes a matter of when this potential economic downturn will actually occur, as recent developments surrounding the US-China trade deal have shifted investor’s sentiment and may help fuel further short-term gains within the equities markets.
The Stock Market Is Flying High, But For How Much Longer?
Bitcoin’s price has so far failed to recapture July’s dizzying rally, which saw it spike to just shy of $14k, whereas the stock market’s decade long bull run continues to exceed expectations as investor confidence is bolstered by reports of an early trade deal formed between the US and China.
Experts also believe that the Fed’s decision to inject billions into the financial system following the recent repo market liquidity crisis is directly responsible for the latest stock market pump.
On the surface level, things are looking good, but Lisa Shalett, Chief Investment Officer at Morgan Stanley Wealth Management, believes that the repo money is being siphoned into financial assets rather than the real economy, which could be problematic.
“This really speaks to the idea that once again we’re on the brink of potentially being in this bubble. Where valuations are about the story and the narrative and not about the cash flow and profits. You would think we would have learned this lesson before. But here we go again.”
Also, some experts remain skeptical about reports of a trade deal between the US and China being reached. Jeffrey Gundlach, Chief Executive of DoubleLine, drew attention to China’s refusal to address intellectual property, as well as their focus on the long play, which means they are happy to drag things out until after the US elections, as two potential road blocks for a deal being closed.
As such, a more in-depth analysis of the situation shows that recent efforts between the two countries are nothing more than window dressing, adding to the threat of an imminent stock market crash and a global recession.
That being said, the question remains: where will investors move their money in the case of economic turbulence?
Bitcoin Is Superior To Gold

Clem Chambers, CEO of ADVFN, spoke in a recent interview about how mainstream news reports claim all is well within the global economy, which could be suppressing interest in Bitcoin.
“When people start thinking that it’s going to be all over soon, or there’s going to be a three part deal, and part one coming up. You’re not going to be so eager to put your Yuan into Bitcoin… And the same uncertainty equals gold,” he explained.
On that note, despite the widespread reports of a trade deal being reached, uncertainty still reigns. That being said, Chambers spoke about the alternatives in Bitcoin versus gold:
“If you’ve got to move fast, uncertainty means Bitcoin. I mean, gold, you can’t really carry much of it, it’s hard to store, it’s quite difficult to buy. You can’t just go, I’ll have some of that gold. It’s much easier to buy Bitcoin, and move Bitcoin, and protect Bitcoin than gold. So gold is at a bit of a disadvantage. And it’s old usage as the flight capital of choice is being eroded.”
As a prominent Bitcoin bull, Chambers offered a bullish price prediction for the cryptocurrency, even entertaining the possibility that BTC will one day surge as high as $1 million.
“I think Bitcoin could easily go to twenty thousand. I’m expecting it to go to fifty, I’ll be very happy if it were to go to one hundred thousand. And the one million dollar Bitcon number is purely what you get if every Satoshi is worth a dollar, no, sorry, a cent. Let me get that right. So that’s just a mathematical number,” he bullishly noted.
Having said that, Chambers was quick to point out that lofty valuations like these will take many years to come to fruition. This is partly because of what Bitcoin seeks to achieve and the forces that want to stop that from happening.
All eyes are on the macroeconomic picture as the world awaits what happens next.
Featured image from Shutterstock.
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China Moves from US Dollar to Other Assets Including Gold

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China Moves from US Dollar to Other Assets Including Gold
Beijing is gradually reducing its stocks of US Treasury bonds, in which it actively invested. China has reduced its assets by $88 billion over the past 14 months. Instead, Beijing continues to expand its purchases of gold.
China Moves from US Dollar to Other Assets Including Gold

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Source: CoinSpeaker

Peter Schiff Fires Back After Facebook Crypto Head Calls Bitcoin “Digital Gold”

Last week, speaking at the New York Times DealBook Conference, David Marcus, the head of Facebook’s cryptocurrency projects, called Bitcoin “digital gold,” while simultaneously arguing that the coin is not a good currency for transactions:

“I don’t think of Bitcoin as a currency. It’s actually not a great medium of exchange because of it’s volatility,” Marcus said. “I see it as digital gold.”

Many have made the comparison between Bitcoin and gold in the past, with those most bullish on the leading cryptocurrency hoping that it will eventually surpass gold’s $8 trillion market value. Currently, the total value of all Bitcoin is $160 billion, about 50-times less than gold.
Bitcoin: Digital Gold
Marcus said Bitcoin is like gold because you can hold on to it as an investment just as people do with actual gold, but that the fluctuations in value currently associated with Bitcoin make it a bad choice for people who need a reliable system to send remittances across borders.
Commentators on Twitter, such as financier Peter Schiff, were quick to chime in:
Peter Schiff says bitcoin is too volatile as a medium of exchange (source: Peter Schiff Twitter)
Schiff, an outspoken critic of Bitcoin, found fault in Marcus’ claim that Bitcoin is digital gold, saying it’s too volatile to be used like gold is as a medium of exchange.
This reply drew fire from a lot of other Twitter users, many of who perceive Schiff to be backward-looking and a “member of the old guard.”
Responses to Schiff’s Claims
Twitter user @MarketAlly reminded Schiff that not only was gold also volatile initially, but that its stability came under the direction of banks and governments, something that crypto enthusiasts hope will happen with digital coins through proper regulation:

You are wrong Schiff. The stability of Gold came from enough banks, goverments, etc holding it and then as derivatives were built around it. Bitcoin is like digital gold and as those vehicles continue to be built around it, it will do the same. Gold was volatile initially
— MarketAlly LLC (@MarketAlly) November 11, 2019

Others pointed out a fault in Schiff’s claim that gold can “actually be used as a medium of exchange,” asking, rhetorically, for him to provide am example of someone using gold to make a purchase at a brick-and-mortar store.
Volatility is a concern for cross border payments, one of the key markets Facebook is targeting with its Libra cryptocurrency and Calibra digital wallet. Unlike Bitcoin, in attempts to help it remain stable, Libra’s value will be tied to currencies like the U.S. dollar and the Euro.
Admittedly, Bitcoin does have a somewhat turbulent, albeit short, history. Just two weeks ago, it was set to drop from $7,000 levels but quickly spiked to $10,300 in the hours following a positive statement on blockchain by Chinese President Xi Jin Ping.
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Bitcoin Advocate Calls For Ban On Gold Amidst Danske Bank Scandal

Bitcoin advocates call for a ban on gold as on-going investigations into Danske Bank reveal the lender offered gold bars to clients as an off-the-table service. This bypassed money laundering checks and was sold based on helping to keep the fortunes of wealthy clients hidden.

At the height of the Danske Bank dirty-money scandal, the lender started offering gold bars to wealthy clients to help them keep their fortunes hidden, sources say https://t.co/r0c0BnC7m9
— Bloomberg (@business) November 10, 2019

Danske Bank Laundered $220 Billion
Authorities in both the US and Europe are probing Danske Bank over money-laundering allegations. Investigators believe the operation spanned Denmark, Estonia, and France, with around $220 billion funneled between 2007 and 2015.

Investigations into the bank have been on-going for some time now. But recently, it emerged that representatives, from the bank’s Estonian operation, offered a select group of mostly Russian clients the opportunity to purchase gold.
While the sale and purchase of gold are not illegal, details of this service were never openly publicized, to which compliance lawyer, Jakob Dedenroth Bernhoft said:
“It puzzles me that the bank’s own report on the case didn’t discover this. This is a service that is completely against all anti money-laundering laws. It is definitely suspicious.”
According to Bloomberg, anti-money laundering checks were performed before customers collected their bars. However, if clients opted to keep the gold in long-term storage, these checks did not apply.
The fallout from this has Bitcoin advocates calling for a ban on gold. While made as a tongue-in-cheek response, the intention is to highlight the hypocrisy that exists within the banking and precious metal sectors.

Spoiler: no one will end up in prison
— hodlonaut (@hodlonaut) November 10, 2019

Criminals Use Bitcoin Less Than Other Methods
The fact is, criminals, launder money using Bitcoin, as well as a range of other methods. But the public at large often has a skewed opinion on the scale of the problem. Which in turn leads to an unfair representation of Bitcoin, and cryptocurrencies in general.
At the same time, money laundering by many well-known banks is a part of their daily business. And fines have done little to halt the practice.
According to Patrick Tan, CEO at Novum Global Technologies, this is because banks price in the cost of fines when doing new business. He said:
“Banks already price in the risk of a fine by the regulator when they consider these type of transactions. As long as the profits from the transaction exceed the fine, it’s more or less good to go.”
If that wasn’t enough to stir anger, Tan also brings to light the scale of the problem compared to the cryptocurrency market:
“According to the United Nations Office on Drugs and Crime, questionable transactions continue to reach as much as US$2 trillion a year. By comparison, the total market cap of cryptocurrencies is barely US$120 billion on a good day.”

Criminals will use whatever means necessary to achieve their goals. And many banks are only too happy to help in that respect. As such, the association of criminality with Bitcoin is wholly unjust. Especially when considering that cryptocurrencies are far from the number one choice for criminals.
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Is Bitcoin [BTC] Running Out of Bullish Arguments Due to Stock Market Rally?

Bitcoin price plunged below $9000 mark yet again. What looked like a possible break above $10,000, has turned into longer days of consolidation.
The narrative for Bitcoin [BTC] investment has taken many shapes and forms over the years. After its failure as a payment mechanism in 2016-2017, the ‘safe haven‘ narrative has become wildly popular.
Kolanovic, JP Morgans’ global head of macro quantitative and derivatives strategy, suggests strong bullish growth of the equity markets.
Gold/USD Daily Price Chart (TradingView)
Gold prices slumped below $1500, at the beginning of the week. As the stock market continues to rally, and the trade tension relaxes and easing of the global monetary policies. Hence, the short term need for a safe haven, which was a strong catalyst in the upward price movement, seems to have slowed down.
Can Halving Keep the Momentum Going?
Bitcoin [BTC] halving is due next year in May. The event will reduce the rewards for mining Bitcoin by half. This represents a massive shift in the supply of the cryptocurrency. It acts as a reliable bullish indicator as the ecosystem looks to keep the price above the break-even price for miners.
Nevertheless, the overall demand for Bitcoin has been questionable with a lack of retail interest. An analyst, KernelTrader noted on Twitter,
$btc has shown one thing, with current supply, the demand just isn’t there to maintain 5 digit prices over a sustained period
Is a small reduction in daily issuance going to suddenly change that?
Based on current demand, I’m not convinced it will
But Bitcoin is More than That
Bitcoin [BTC] competes with gold as a store of value. However, the demand for gold has been subdued by the demand for other reserve currencies like USD, Euros, and YEN. While gold bugs continued to argue against them, the market went towards short term gains.
Hence, in a world where there isn’t a strong demand for sound money, how will Bitcoin present its case? Alex Kruger tweeted,
I think only a very small (loud) minority care or will ever care about “sound money”. Goldbugs did not succeed in getting widespread support for their sound money crusade. Don’t see why Bitcoiners will succeed were gold bugs failed.
Bitcoin investors are now counting on a ‘paradigm shift’ in the economy on a large scale. A fall in the economy of large proportions sounds like the perfectly opportune moment.
While it seems far fetched at the moment, the inflation and rising debts support the cause. Economist Ray Dalio reaffirmed his belief in the fall of the FIAT system under its massive debts.
Willy Woo, a prominent on-chain crypto analyst, replied to Kruger on similar lines,
n the 6000 yr arc of gold as money, this 48 yr reign of fiat is a stop-hunt wick on century candles. Fiat happened before, it’ll happen again far after this candle closes.
Do you think the end of the FIAT era is near as well? Please share your views with us. 
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Source: CoinGape

Will Bitcoin Follow Gold Prices Down as Trade Tensions Ease?

Trade tensions between the US and China appear to be easing as the two powerhouses come to agreement. The lifting of tariffs is good for economic stimulus but safe have assets such as gold are now starting to cool off, will Bitcoin follow suit?
US China Trade War Over?
Officials from both sides stated yesterday that tariffs could be rolled back as part of the first phase of a wider deal. Reuters reported that a timetable has yet to be set but both China and the US are in agreement that a trade deal can be made.
Experts have warned that there is still a lot of work to be done and the situation is fragile and can fall apart quickly. Optimism has returned to markets on the development as global stocks were boosted yesterday.
Not all assets have benefited from the easing of trade tensions however. Gold, after hitting a six year high in September has retreated. The safe haven narrative only appears to apply when economic pressures are escalated. Gold prices have retreated 5.3% since this year’s peak and have slumped almost 2.7% this week in a fall to $1,468/oz according to goldprice.org.
Goldbug and undecided Bitcoin detractor, Peter Schiff, didn’t miss the opportunity to point out that the precious metal is still investment worthy.
“Gold is selling off on the prospects of the trade war ending.  But it’s not the trade war, but the war on savings waged by central banks that is behind gold’s rise. Future U.S. trade & budget deficits will now be larger than ever, making gold ownership more important than ever!”

Gold is selling off on the prospects of the trade war ending. But it's not the trade war, but the war on savings waged by central banks that is behind gold's rise. Future U.S. trade & budget deficits will now be larger than ever, making #gold ownership more important than ever!
— Peter Schiff (@PeterSchiff) November 7, 2019

Ok, so when it was a trade war, it was that causing gold’s increase, but now it is the FED dropping interest rates. Mr Schiff appears to be a little undecided at the moment so maybe he should look towards Bitcoin again.
It was pertinently pointed out further down the thread that precious metal prices are also susceptible to manipulation;
“Derivatives markets run precious metals pricing. JPM and many other bankster crooks caught numerous times rigging metals markets. It’s a farce with zero price discovery just like the equity and debt markets.”
Back in September it was widely reported that JP Morgan traders were accused by the DoJ of manipulating precious metal markets.
What About Bitcoin?
So, back to Bitcoin, will it follow gold prices and retreat also as the safe haven narrative loses steam? At the time of writing BTC is still consolidating in the low $9,000 range where it has been for the past two weeks.
Analysts remain on the fence as to Bitcoin’s next direction and technical signals are ambiguous.

$BTC
How many times have you flipped your bias in the last few days?
After big moves, $7.2k-$10k, consolidation is common and many people get chopped up trying to guess what's next.
Let PA develop and get involved when the direction becomes clear. pic.twitter.com/NHclZaTJMQ
— Mayne (@Tradermayne) November 8, 2019

One thing is for sure though, with the current banking/credit/debt crisis exacerbating, there will still be a huge need for a safe haven, be it Bitcoin or gold.
Image from Shutterstock
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Bitcoin Vs Gold – Ex Congressman’s Twitter Poll Reveals People’s Favourite Long Term Investment

Bitcoin and gold have been compared for a long time. A new poll initiated by former Congressman of Texas, Ron Paul has revealed that Bitcoin has become people’s favorite investment option for long-term investment. 
 Only 33% Will Consider Gold for Long Term- Holding
Ron Paul initiated a poll on Twitter asking people what they would invest in if a wealthy person gifted them $10,000. The options for the same were – 10-year US Treasury Bond, Federal Reserve Notes, Gold and Bitcoin. 
Source- Twitter
Federal Reserve registered the lowest number of votes with 2%, it was followed by 10-year US Treasury Bond with 7% votes. Interestingly, Gold managed to get 33% votes but Bitcoin emerged as the winner with 58% votes. Till now, 64,000 people have voted and still, 5 hours are left for the poll to end. 
Furthermore, the poll asks about 10-year investments this implies that people prefer Bitcoin as s long-term holding option. 
Why Bitcoin?
Bitcoin and Gold both are scarce assets with a limited supply. However, unlike Bitcoin gold cannot be transferred online. Moreover, its weight is often an issue for bulk transportation. Not to mention the protection measures needed for the same. 
The total supply could be viewed from a different perspective, as well. Bitcoin is preprogrammed to cut in half the rewards given to miners every four years in a process called Halving. Two halvings have occurred so far, both pushing Bitcoin’s price to go up, and the next one will happen in 2020.
When it comes to investing in Gold, not only is security a prime issue, it can be an asset misfit to store significant wealth in. If we consider the previous scenarios, Gold has failed time and again to show remarkable gains when the global economy was booming. Also, it had disappointed its advocates several times when they predicted that the price of gold will shoot up. Unfortunately for Gold, Bitcoin and other cryptocurrencies give it a tough competition and are actively fighting with it for the “safe haven” status. 
Every year say 3,300 tons of gold is produced, the figures translate to $200 billion worth assets purchased every year by buyers. With a population of 7 billion, it makes up for $20 per head to make up for the supply, which invariably doesn’t lead to a downtrend in the price of gold. 
Source- Forbes
In the case of Bitcoin, say $10,000 a coin, there is a $6.5 billion dollars of new supply that needs to be conjured by a new demand to maintain prices. Interestingly, this is a tiny fraction when compared to the case of Gold. With that being said, both amounts are not that vast that cannot be supported by the global economy. It is a clear indication that Bitcoin will go further up and much faster than Gold if there is a sudden spike in demand for safe-haven assets.
Also, with halving every four years, if Bitcoin price reacts like the price of gold, after 12 years gold, output would slump nearly 90%.
Will Bitcoin continue to intrigue people and maintain its value as the “Safe Haven” asset? Let us know, what you think, in the comments below!
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Source: CoinGape

Bitcoin Fixes This: Fake Gold Bars Could Turn Investors Toward Digital Counterpart

Bitcoin has been dubbed digital gold because the cryptocurrency shares many similar attributes with the precious metal.
However, a recent situation involving a forgery crisis in the gold industry shows how one important aspect of Bitcoin gives it an enormous advantage over its physical gold counterpart and could drive more investors seeking a safe-haven or store of value into the first-ever cryptocurrency.
Investors Beware: High-Purity Counterfeit Gold Bars Flooding the Market
Gold is a shiny, precious metal that’s been used for centuries as currency, store of value, a safe haven, a status symbol, and to create ornate, expensive jewelry. However, it’s status could soon be challenged by Bitcoin, thanks to a very specific attribute the cryptocurrency features over gold.
Related Reading | Goldbug Peter Schiff Says Bitcoin Bottom Won’t Hold
The reputation of the precious metal industry is currently being tarnished by a slew of counterfeit gold bars adorned with the official stamps of major refinery logos. While roughly only 1,000 of the bars have been discovered – a flash in the pan compared to the roughly 2.5 million bars produced each year – according to industry executives it is how legitimate the fakes gold bars are that is causing widespread concern.
Typical counterfeit bars are made with much cheaper metals, plated with gold on the outside, making them easy to detect. These new fakes in circulation, however, are real, high purity gold, with the only phony aspect being the official seal stamped onto each bar.
Bitcoin and Blockchain: Proof of Work Prevents Counterfeit BTC Transactions
The forgeries arrive at a time when the demand for gold across the globe is increasing. The precious metal has long been a flight to safety for investors seeking to avoid losses during economic downturns. With tensions increasing between the US and China, fiat currencies devaluing in the face of growing government debt, and a recession looming, gold has been increasing in value.
Throughout much of the year, however, Bitcoin was also rising alongside gold, which is also lauded for being a scarce asset and store of value. The two assets rising in tandem caused a safe-haven narrative to take center stage during Bitcoin’s sudden rally.
But this latest issue in the gold market highlights one attribute that Bitcoin has over gold that could finally show goldbugs that the new, digital counterpart, is a far better choice as a safe haven asset: Bitcoin cannot be faked.
Bitcoin is a digital asset, bound to a distributed ledger called blockchain, where every transaction of every Bitcoin is recorded for all to see. Each time Bitcoin is sent over the blockchain, using a consensus algorithm called proof-of-work, miners validate the block before it is added to the blockchain.
Related Reading | Bitcoin Store of Value Narrative Turning Toward Safe Haven Asset 
Theoretically, a counterfeit Bitcoin transaction could be created, however, it wouldn’t be validated by miners and added to the blockchain. Certain attacks are also possible but would require a third-party gaining control to over 51% of the Bitcoin network’s hash power, and given how decentralized the first-ever cryptocurrency is, such an attack isn’t likely.
This added layer of security could give gold investors peace of mind when considering a safe haven asset or a store of value, and help to shine a light on the many ways Bitcoin is a better asset than gold.
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Bitcoin remuneration questions use as medium of exchange v/s store of value

Andreas Antonopoulos, the author of Mastering Bitcoin, recently spoke about Bitcoin as a medium of exchange, a unit of account, and a reserve currency during a Q&A session on YouTube. When asked about whether Bitcoin could be a standard for other cryptocurrencies, the same way Gold was for money, Antonopoulos highlighted that this was already […]
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Source: AMB Crypto

Bitcoin is Up 83,000% Since Gold Topped in 2012: Bullion vs. BTC

If you’ve been on Crypto Twitter over the past 24 hours, you have likely noticed one Bitcoin-bashing tweet from Peter Schiff. The message, which can be seen below, shows the libertarian investor claiming that BTC’s price chart “looks horrible.”
Related Reading: Happy 18 Millionth Bitcoin! BTC Scarcity Implies Large Price Rally
Schiff, in fact, remarked that the “(bear) flag that followed the recent breakdown projects a move to $6,000,” which would imply a 25% drop from current levels if this move pans out. He even added that not only has Bitcoin fallen below a flag, “but we are [also] close to completing the right shoulder of a head and shoulders top … that projects a collapse below $2,000.”

The Bitcoin chart looks horrible. Not only does the flag that followed the recent breakdown project a move to $6K, but we are close to completing the right shoulder of a head and shoulders top, with a $14K head, and neck line just below $8K, that projects a collapse to below $2K!
— Peter Schiff (@PeterSchiff) October 19, 2019

Although Schiff’s technical analysis might be right, many in the cryptocurrency community have been quick to rebut his sentiment that Bitcoin is inferior to gold.
Bitcoin Has (Dramatically) Outpaced Gold
Over the past five-odd years, the chief executive of Schiff Gold, Peter Schiff, has been trashing Bitcoin. Over the years he has called it many things, but one of the bullion proponent’s main theses is that BTC is an asset with no inherent value that will eventually trend to zilch.
So far, this hasn’t been the case. In fact, analyst Rampage recently posted to Twitter that since one ounce of gold topped out at $1,800 seven years, Bitcoin has appreciated by 83,331%. In that same time frame, gold fell by 20%.

$BTC v Gold
Hey @PeterSchiff
I just wanted to personally remind you that bitcoin is up 83,331.79% since gold topped out at $1800 seven years ago.
What's it like hodling a -20% gold bag for seven years? pic.twitter.com/gmAgSwLpsl
— Rampage (@Thrillmex) October 19, 2019

Rampage isn’t the first to have drawn attention to what critics of Schiff see as flaws in the “Bitcoin is inferior to gold” argument.
Anthony Pompliano, a former Facebook team member that has since become a cryptocurrency investor, accentuated that Bitcoin is the best performing asset of the past decade, before adding that the asset’s scarcity and relative lack of penetration is likely to allow it to grow rapidly in the years to come.
Of course, there is no guarantee that the cryptocurrency market will continue to shoot higher in the years to come. Yet, critics have deemed Schiff’s points moot due to his long history of hating BTC as it appreciated higher and higher.
Related Reading: Crypto Tidbits: Fidelity Expands Bitcoin Ops, Ripple’s XRP Sales Fall, Grayscale Sees Growing Altcoin Demand
Featured Image from Shutterstock
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Bitcoin could become store of value, as institutional interest increases

Institutional interest in Bitcoin has seen a significant rise in 2019, as several derivative financial products on top of Bitcoin have flooded the market. Active exposure of these investors to the digital asset realm has brought back the debate about whether Bitcoin is the new “store of value.” According to Grayscale’s managing director Michael Sonnenshein, […]
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Source: AMB Crypto

Is Bitcoin Becoming A Leading Indicator For Gold?

Throughout 2019, Bitcoin and gold became highly correlated, rising and falling in value at or around the same time, and further fueling the Bitcoin as a safe haven narrative.
Even now, the two assets are showing similarities in their price charts that suggests they are still correlated in some way, and gold could soon be following Bitcoin and making a “deep cycle low,” much like the leading crypto by market cap did last month.
Is The Precious Metal Ready To Set a Cycle Low in December?
As tensions between the US and China were heating up and fears of a looming recession mounted, 2019 has thus far been the year of the safe haven asset – namely, the precious metal gold and its digital gold counterpart, Bitcoin.
Related Reading | Bitcoin Could Follow Gold Fractal With 44% Drop to Under $7,000
The two assets rose and fell hand-in-hand as investors fled stocks and other traditional investments. Eventually, though, just as Bakkt launched in late September, Bitcoin diverged and dropped over $2,000 in less than 72 hours, erasing over 20% of its 2019 rally.
With the assets showing such similar performance, could Bitcoin somehow be a leading indicator for gold? Just before Bitcoin broke down, it had been consolidating at the top of its rally and trading inside a triangle pattern before its big fall.

Gold is very cyclical and is due a deep cycle low in Dec. working towards that.
— Bob Loukas (@BobLoukas) October 13, 2019

According to gold charts, the precious metal is trading inside a very similar pattern and could be at risk for a deeper drop ahead.
Career trader and investor Bob Loukas backs up the theory, suggesting that gold is ready for a correction much like Bitcoin’s, and could put in a “cycle low” in December.
Investors Seeking Safe Haven Assets Driving Both Bitcoin and Gold
Although Bitcoin may appear to be acting as a leading indicator for gold currently – given the shape of the pattern gold is now trading in looking eerily similar to the formation Bitcoin just broke down from – the leading crypto by market cap has been following a fractal from gold’s price charts.
Even Bitcoin’s recent triangle pattern and drop were first seen on gold price charts, and if the fractal continues to be followed, it suggests a very long, drawn-out consolidation phase where Bitcoin trades mostly sideways – the epitome of max pain for those accustomed to the wild price swings and volatility in crypto markets.
Related Reading | Gold Fractal Predicted Bitcoin Distribution, Up Next Is Two Years of Sideways 
The truth is, neither asset is likely to be following or leading the other, but due to their like-attributes they behave similarly. Markets and price fluctuations are driven by the emotional state of investors. And with each asset being attractive to the same sub-set of investors, the emotions driving each market are bound to be similar as well.
Feature image from Shutterstock
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UNICEF’s crypto fund shows Bitcoin is accepted as financial asset

Bitcoin, the king coin with a market share of 66.8 percent, continues to be the market mover as it attracts more sectors. This time around, the news broke from UNICEF as the agency announced that it would be accepting the largest cryptocurrency along with Ethereum for donation with the launch of UNICEF Cryptocurrency Fund. Moreover, […]
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Source: AMB Crypto

Amidst Fears of U.S. Recession, Investors Prefer Gold Over Bitcoin

Coinspeaker
Amidst Fears of U.S. Recession, Investors Prefer Gold Over Bitcoin
Gold continues to be the safe haven for global investors when it comes to parking their money in secure assets. Bitcoin, on the other hand, has failed to win the trust of big investors at this stage.
Amidst Fears of U.S. Recession, Investors Prefer Gold Over Bitcoin

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Source: CoinSpeaker

Unlike Bitcoin, illusions (fiat currency) are limited in amount by external characteristics, claims Trace Mayer

Keeping the buzz alive across the crypto-ecosystem, prominent crypto-enthusiast Trace Mayer featured on Peter McCormack’s podcast to discuss “monetary sovereignty” and its relation with Bitcoin. Mayer put forth the claim that the traditional financial system is flawed as it was “designed by just a bunch of political dogmatists, (and) not actual scientists.” He added, “It […]
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Source: AMB Crypto