RATE Group | Bitcoin is just like gold, they’re both suffering from dollar strength
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Bitcoin is just like gold, they’re both suffering from dollar strength

14 Aug Bitcoin is just like gold, they’re both suffering from dollar strength

Posted at 15:38h in Bitcoin News by

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Bitcoin was under pressure, with the price dropping below US$6,037 at one point, as fear and volatility evidently spiked across the market.


At mid-afternoon in London, Bitcoin had rallied somewhat down US$141 or 2.26% changing hands at US$6,111.


Cryptocurrency evangelists have for some time envisaged Bitcoin as a store of value, and, similarly as a digital alternative to gold – so, as consolation, they may find some validation in Tuesday’s decline.


READ: Bitcoin and cryptos hit as SEC stalls on ETF decision


Amid the worst of the morning’s selling, both Bitcoin and gold were on the slide.


“No safe haven bid for gold in the current EM crisis we see in Turkey et al. Equally there is no safe haven bid for cryptos,” said Neil Wilson, analyst at Markets.com.


“The meltdown has continued and we are seeing Bitcoin breaking below key support at $6000.


“The next level lower is a long way to drop. The various altcoins are also taking a…

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