RATE Group | Bitcoin Beats Gold in Safe Haven Battle as Coronavirus Death Toll Rises
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Bitcoin Beats Gold in Safe Haven Battle as Coronavirus Death Toll Rises

28 Jan Bitcoin Beats Gold in Safe Haven Battle as Coronavirus Death Toll Rises

Posted at 04:19h in Cryptocurrency News by

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  • Bitcoin’s price comes within a hair of $9,000 en route to its highest level in over a week.
  • Bitcoin’s correlation to gold flips positive, according to Bloomberg.
  • Fears of a coronavirus pandemic put a damper on stocks and other risk assets.

Bitcoin launched toward $9,000 on Monday, as the spread of coronavirus forced investors to cut ties to riskier assets like stocks.

While bitcoin is still considered a risky investment, it’s once again behaving like gold, according to Bloomberg. Fears of a global coronavirus pandemic appear to have revived the narrative of bitcoin being digital gold.

Bitcoin Rallies; Altcoins Follow

The bitcoin price rallied all the way to $8,983.93 on Monday for a gain of 4.6%. The largest cryptocurrency by market cap was last seen hovering north of $8,917, according to Bitstamp data.

Despite its recent consolidation, bitcoin remains in a firm uptrend above the 50-day moving average. | Chart: TradingView

At current values,…

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