RATE Group | Investors Flock to Gold in Stock Market Rout. Why Didn’t Bitcoin Pop?
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Investors Flock to Gold in Stock Market Rout. Why Didn’t Bitcoin Pop?

13 Aug Investors Flock to Gold in Stock Market Rout. Why Didn’t Bitcoin Pop?

Posted at 02:06h in Cryptocurrency News by

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Investors flocked to the precious metal instead of bitcoin today as fears of a recession, either in the short-term or long-term, loom. | Source: Shutterstock

The bitcoin price is trading mostly flat today despite the fact that the stock market got hammered, with the Dow Jones tumbling some 400 points. Meanwhile, the gold price is looking bullish and is currently trading above $1,500 per ounce. For some reason, investors flocked to the precious metal instead of digital gold, at least today, as fears of a recession, either in the short-term or long-term, loom. Crypto trader Brian Kelly on CNBC said that “macro buyers are using bitcoin as a currency hedge” but adds that BTC wallet address growth, which reflects user adoption, isn’t where it needs to be.

bitcoin chart
Source: TradingView

For months, bitcoin has been looking like a safe-haven asset in this uncertain global economy. Trader Peter Tchir points out in Forbes that the BTC price has been “[moving] more or less in lines with the headlines.”…

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