Bitcoin safe haven narrative strengthens as BTC mirrors gold movements

Both Bitcoin and gold have made similar upward movements since the weekend bolstering the claim that the digital asset is a safe haven.

Bitcoin over $9000

Bitcoin added 9% since the weekend in a move that briefly returned it above the $9,000 level. The wider crypto markets have also benefited with over $20 billion flowing back into to total capitalization.

Yes, the move coincided with worsening news over the Coronavirus outbreak but to claim that the virus is ‘good for Bitcoin’ is just downright irresponsible journalism.

Bitcoin safe haven

What has actually happened is that Bitcoin has cemented itself among the traditional investments as a store of value.

Two completely unrelated incidents this year have resulted in buying pressure on BTC and gold at the same time.

Bloomberg noted the correlation in a recent report regarding the falling stock markets led by a selloff in Asia, the region most affected by the epidemic.

It did add, though, that the second half of 2019 saw an…