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 year-to-date chart

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.