RATE Group | This Haven Asset is Beating Bitcoin amid Recession Fears
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This Haven Asset is Beating Bitcoin amid Recession Fears

17 Aug This Haven Asset is Beating Bitcoin amid Recession Fears

Posted at 05:07h in Bitcoin News by

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This year’s run-up in the bitcoin price has been attributed to numerous factors: the US-China trade war, bold monetary easing by central banks, a weakening Chinese Renminbi, Facebook’s plans to launch its cryptocurrency, as well as market manipulation via Tether’s USDT stablecoins. But a recession is still not one of those catalysts.

The benchmark crypto-asset continues to trend in the negative area as rating agencies send high alerts for the US economy. The BTC/USD instrument this week toppled by as much as 17.94 percent to $9,470 on San Francisco-based Coinbase exchange. At its year-to-date high, the pair was trading at $13,868.44.

bitcoin, btc usd

Bitcoin looking to close the week on double-digit percentage losses | Image Credits: TradingView.com

The downside move appeared despite a constant projection of bitcoin as a safe-haven – assets which attract investors in times of dwindling price behaviors in the US economy. Supporters believe that bitcoin, which is a non-sovereign, non-correlated…

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