RATE Group | Bitcoin Outshines Gold Amid Risk Aversion in Financial Markets
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Bitcoin Outshines Gold Amid Risk Aversion in Financial Markets

11 Aug Bitcoin Outshines Gold Amid Risk Aversion in Financial Markets

Posted at 04:35h in Bitcoin News by

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Bitcoin is outperforming gold amid heightened uncertainty in the global markets.

The world’s most valuable cryptocurrency is currently trading at $11,700, representing 16 percent gains on a month-to-date basis. Meanwhile, gold, the traditional safe-haven asset, has added 6 percent this month.

The precious metal picked up a bid at $1,400 on Aug. 1 as the U.S. President Trump’s decision to escalate trade tensions with China triggered a flight to safety. The S&P 500, a global benchmark for riskier assets, fell 0.90 percent on the same day.

The risk aversion worsened earlier this week when China began allowing the Yuan to depreciate beyond the major psychological level of 7 per U.S. Dollar.

As a result, the S&P 500 fell to a two-month low of $2,822 on Monday and gold extended gains to hit a fresh 2019 high of $1,510 yesterday. Interestingly, bitcoin also found takers near $9,900 on Aug. 1 and rose to a one-month high of $12,325 on Tuesday.

Bitcoin a safe…

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