RATE Group | Gold Plunges After Dow Records New High; Why Bitcoin May Rise
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Gold Plunges After Dow Records New High; Why Bitcoin May Rise

08 Nov Gold Plunges After Dow Records New High; Why Bitcoin May Rise

Posted at 14:14h in Bitcoin News by

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Thursday wasn’t a great day for gold holders. During the day’s trading session, the precious metal cratered by its standards, falling by $23 — a 1.5% downward move — from $1,490 to $1,468 in a relatively spectacular fashion. This drop came a day after the asset shed $30, implying that a downtrend is forming for gold.

Bitcoin, on the other hand, was relatively stagnant, finding itself ranging at $9,200 for the umpteenth day in a row. And the U.S. stock market registered new highs, surging off news of an impending trade deal, relatively strong economic metrics, amongst other positive news.

Related Reading: Published Author and Altcoin Trader Highlights 5 Crypto Set to Outshine Bitcoin

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If you’ve followed the crypto news cycle at all over the past few months, you know of the narrative that “Bitcoin is digital gold.” Earlier this year, it was all the rage, with charts displaying the eerily correlated performance of the two assets gaining…

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