RATE Group | Bitcoin just proved its safe-haven status, or did it?
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Bitcoin just proved its safe-haven status, or did it?

09 Jan Bitcoin just proved its safe-haven status, or did it?

Posted at 11:30h in Bitcoin News by

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  • Bitcoin’s retreat may have confirmed its safe-haven status.
  • Technical factors are also behind the Bitcoin’s downside correction.

BTC/USD has retreated from the recent high of $8,464 hit on Wednesday, January 8. At the time of writing, Bitcoin is changing hands at $7,880, down nearly 7% from the recent peak. The coin is moving within a short-term bearish trend that may gain traction as the price slides below important support levels.

Risk-off – risk-on  correlation

Many traders see Bitcoins decline as a confirmation of its safe-haven status. A cryptocurrency research company Mrssari posted a chart to illustrate Bitcoin’s correlation with the developments in Iran.

Bitcoin and the Iran conflict: Is $BTC becoming Digital Gold?

The chart shows that Bitcoin started the decline when US President Donald Trump expressed the desire to de-escalate the conflict. Notably, gold also responded with the sell-off; Japanese Yen, a traditional safe-haven currency extended…

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