RATE Group | How Bitcoin was Able to Beat Gold’s Recovery as Coronavirus Crisis Mounts
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How Bitcoin was Able to Beat Gold’s Recovery as Coronavirus Crisis Mounts

30 Mar How Bitcoin was Able to Beat Gold’s Recovery as Coronavirus Crisis Mounts

Posted at 12:43h in Bitcoin News by

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Prominent economist Peter Schiff lately compared the performances of Bitcoin and Gold amidst the deepening financial crisis, noting traders who bought the cryptocurrency at its year-to-date high are sitting at 70 percent losses while those who purchased Gold at its yearly top suffered a comparatively dwarfed loss of 14 percent.

gold, xauusd, coronavirus, covid19

XAUUSD up by circa 14 percent following early March sell-off | Source: TradingView.com, ICE

But looking at their subsequent recoveries, as Mr. Schiff seemingly ignored, bitcoin appears like a clear winner so far. The offbeat asset established a sessional bottom at $3,858 but later rebounded by as much as 81 percent to hit $9,090 a token. On the other hand, Gold’s price rebound maximized only by 13.37 percent to reach $1,645 an ounce.

One of the biggest events that drove Bitcoin and Gold prices upwards was the United States becoming the new epicenter for the novel coronavirus COVID-19 pandemic. As the number of infected persons mounted over 100,000, leaving…

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