RATE Group | Bitcoin climbs above $12,000 as investors treat it like a safe haven amid global recessi…
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Bitcoin climbs above $12,000 as investors treat it like a safe haven amid global recessi…

07 Aug Bitcoin climbs above $12,000 as investors treat it like a safe haven amid global recessi…

Posted at 16:59h in Cryptocurrency News by

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bitcoin accepted here cryptocurrencyDavid Gray/Reuters

  • Bitcoin topped $12,000 for the second time in three days on Wednesday as risk assets fell on fears of a global recession.
  • The cryptocurrency is acting more and more like a safe-haven asset where investors seek refuge when other assets fall.
  • Even though bitcoin is itself a volatile asset, some experts argue it’s shielded from some of the geopolitical news that moves other markets. 
  • Watch Bitcoin trade live on Markets Insider. 

Bitcoin rose more than 2% Wednesday, breaking the $12,000 level for the second time in three days. The gains come as traders seek refuge as global risk assets sell off on worries that global recession is on the horizon.

US stocks sank on recession fears Wednesday just two days after turning in their worst day of 2019. Bonds rallied, with the yield on 30-year Treasurys sinking near record lows. Other safe-haven assets also boomed as gold topped $1,500, a six-year high. 

“The recent Bitcoin rally strengthens the argument for…

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