Bitcoin's drop below $30,000 has sparked worries that it is heading to $20,000 next, but is such a massive drop feasible against the backdrop of current macro fundamentals?
Nowadays, investors have divided into two groups: cryptocurrency vs gold. After comparing all the characteristics of digital money with precious metal, they appear to have a lot of in common. For example, they are produced through mining and both are almost impossible to destroy. Gold doesn’t react with acid or lye, and can’t be oxidized. In the same way, cryptocurrencies are immutable in that it is nearly impossible to shut down all the computers within the blockchain. Also, both of them can be profitable but still be at risk of cost fluctuations. In most transactions, they should be sold or exchanged for fiat currencies or an equivalent, but it is much easier to do with digital money. However, unlike gold, cryptocurrencies are not accepted in all countries.
For those who still can’t decide in which to invest, a group of Russian entrepreneurs has launched the GoldMint platform, which operates with a digital asset GOLD that is backed with reserves of real gold or ETH.
Apple co-founder Steve Wozniak declared “Bitcoin is the only digital gold” years ago, but he claims that he still hasn’t invested in BTC.16249
Safe-haven rivals move inversely to one another in a quarter mired by mixed inflation reports, Elon Musk FUD, and a suddenly hawkish Federal Reserve.3774
Francesca Fornasari believes that Bitcoin may not be suitable for most institutional investors.1638
Ricardo Salinas Pliego doubles down on BTC yet again as gold and the U.S. dollar come in for serious criticism.16538
Thomas Farley, former chief operating officer of the New York Stock Exchange, is "sanguine" about recent price action.5077
CNBC’s Jim Cramer has sold off almost all of his BTC holdings, predicting bearish fundamentals will suppress Bitcoin’s price for the foreseeable future.8563
BTC used to be an uncorrelated asset, but that’s no longer the case. What can gold and stocks suggest about the crypto markets?6209
Steady BTC inflows to crypto exchanges and fallout from the Federal Reserve’s plan to hike interest rates dropped Bitcoin price to the $37,000 support.10500
It's been a bad 24 hours for the precious metal, which shed $100 per ounce thanks to the Fed's outlook.8249
Investors' appetite for gold increased as they assessed higher inflation and a major price crash in the Bitcoin market.32775
The partnership enables investors to purchase grams of accredited gold as ERC-20 tokens.9609
Former congressman Ron Paul believes Bitcoin should be regulated and taxed the same as money.13290
Jeff Currie, the global head of commodities research at Goldman Sachs, described Bitcoin as a “risk-on” asset that is similar to copper as a hedge against inflation.12707
JPMorgan analyst Nikolaos Panigirtzoglou said that a medium-term fair value for Bitcoin now stands between $24,000 and $36,000.17710