‘You OK Boomer?’ Gold Sees Biggest Loss Since 2022 as Bitcoin Steadies
'You OK Boomer?' Gold Sees Biggest Loss Since 2022 as Bitcoin Steadies
The precious metallic sees its worst day in seven years as the impact of coronavirus finally catches up with markets.
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Bitcoin (BTC) saw a difficult calendar week as it hit one-month lows, but on gold markets, traders were nursing the biggest daily falls in over seven years.
According to data tracking XAU/USD on February. 29, Friday saw the precious metal'southward worst 24-hr drib since 2022.
Gold drops 7% in 5 days after coronavirus sell-off
Over the past five days, gold broadly succumbed to the sell-offs affecting traditional markets due to the ongoing coronavirus outbreak. Between February. 24 and Feb. 29, XAU/USD lost a total of 7.3% before a slight rebound.
The delicate functioning puts gold roughly on par with "digital golden," Bitcoin, the weekly losses for which currently stand at around 9%.
Gold twelvemonth-to-date chart. Source: TradingView
As Cointelegraph reported, after rebounding from 4-week lows of $viii,450, the largest cryptocurrency returned to its forecast average price and has since attempted to reclaim its 200-day moving boilerplate virtually $eight,800.
While gold remained steadfast in a plummeting stock market, its proponents had cause for celebration. Golden issues and infamous Bitcoin skeptic, Peter Schiff, took the opportunity to rubbish those who believed BTC could act equally a safe haven.
Schiff: aureate "non invalidated"
Following the U-plough in its fortunes, Schiff remained convinced in gold'southward promise, while acknowledging such drops were "very rare."
"Today'southward 4% drib in gilded is a very rare movement in a unmarried day. But information technology does happen occasionally," he wrote in a tweet on Friday.
"Nevertheless a 4% drib in @Bitcoin is quite mutual, which often posts daily declines much larger. Today'southward movement doesn't invalidate gilded'southward safe haven or long-term store of value status."
Bitcoin figures, notably Schiff's sparring partner Morgan Creek Digital co-founder Anthony Pompliano, had wryly suggested that someone should "check on" him as gold's own health waned.
Stock marketplace misery meanwhile continues after the Dow Jones suffered its own tape-breaking daily loss on Wednesday. Traders accept since overwhelmingly bet on the United States Federal Reserve cutting its short-term interest rate target significantly in 2022.
Source: https://cointelegraph.com/news/you-ok-boomer-gold-sees-biggest-loss-since-2013-as-bitcoin-steadies
Posted by: sheildsforlanstry.blogspot.com
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