Bitcoin, Gold Dives in Tandem as China Posts Poor Economic Data

Perceived safe-haven assets Bitcoin and Gold were trending downwards on Friday as investors processed the emotional aftermath of China’s weak economic data.

Bitcoin extends bearish bias after breaking crucial support of $8,000 | Image credits: TradingView.com

The BTC/USD instrument slipped by 1.96 percent, or $158.23, on San Francisco-based Coinbase exchange to trade at $7,917.97. The downside pressure mounted shortly after the Shanghai market open, leading to a circa $308 drop right ahead of the close. The move downhill reflected a similar price action in China’s CSI 300 of Shanghai- and Shenzen-listed stocks, which fell 1.6 percent on the day. Hong Kong’s Hang Sang index, at the same time, edged 0.7 percent lower.

China’s GDP, Brexit in Focus

The drops came after China posted its weakest GDP growth since the early 1990s. The world’s second-largest economy grew 6 percent year-on-year against the forecast expansion of 6.1 percent. The GDP figure was below closest to the…