RATE Group | Bitcoin Jumps Alongside Gold on Fiscal Stimulus Sentiment
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Bitcoin Jumps Alongside Gold on Fiscal Stimulus Sentiment

02 Mar Bitcoin Jumps Alongside Gold on Fiscal Stimulus Sentiment

Posted at 12:14h in Bitcoin News by

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Rival assets bitcoin and gold jumped hand-in-hand on Monday as investors pinned their hopes on central banks stimulating economies via new stimulus programs.

The bitcoin-to-dollar exchange rate surged 3.28 percent to hit an intraday high of $8,64.08 following the European session open. At the same time, CME futures linked to the pair also notched higher by 3.57 percent, signaling a renewed bullish sentiment into the beginning of the new week.

bitcoin, crypto, cryptocurrency

Bitcoin CME Futures begins the week in positive territory | Source: TradingView.com

Gold also witnessed growth in its investors’ upside sentiment. The yellow metal on Monday rebounded by up to 1.56 percent to trade at $1,611 an ounce. Meanwhile, its futures on COMEX also edged higher by 1.89 percent, a move that appeared in contrast with its frantic and disorderly selling last week.

The Perceivable Correlation

Indeed, both gold and bitcoin underperformed in times when traders hoped they wouldn’t. Their markets were showing weakness as the…

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