psjin128 (OP)
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January 21, 2020, 03:23:29 AM |
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According to the recent price chart, Bitcoin's move has been very similar to Gold's move.
Recently, after Trump delivered speech, the price of Bitcoin and Gold both went down.
And there were other cases that Bitcoin's move follows after Gold's move.
But is this still enough to say that Bitcoin moves like Gold?
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pooya87
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January 21, 2020, 04:57:50 AM |
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According to the recent price chart, Bitcoin's move has been very similar to Gold's move.
even if you draw random lines on a piece of paper there are bound to be some lines that end up being parallel. of course in markets sometimes there are things that can affect all of them the same way but it doesn't mean the markets are similar specially when one of them is bitcoin market which has never had any similarity to any of the markets ever. Recently, after Trump delivered speech, the price of Bitcoin and Gold both went down.
bitcoin price has been rising ever since we entered 2020! it started from $7000 then went up to $8400 then had a correction then went up to $9100 then had another correction and currently is at $8700. if you ignore everything else in the media, this is a natural thing to happen after an accumulation phase! going down would have been if it started at $7000, went up to whatever and fell back to $6500 which is not the case, obviously. And there were other cases that Bitcoin's move follows after Gold's move.
no bitcoin has never followed any market ever and it is not going to start now.
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TheUltraElite
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January 21, 2020, 05:28:58 AM |
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According to the recent price chart, Bitcoin's move has been very similar to Gold's move. Why not Silver? It also moves like any other commodity. Why not Copper for that instance? Recently, after Trump delivered speech, the price of Bitcoin and Gold both went down. Which speech? Again a movement in same direction does not mean that the correlation exists unless it is explicitly proven. Which is again a rare thing to prove and so it is better to assume that these are coincidences and not related. And there were other cases that Bitcoin's move follows after Gold's move. Possible that people moved from gold to bitcoin, question is does it really matter? People change sectors all the time to keep up with trends or manage risks. But is this still enough to say that Bitcoin moves like Gold? No. They are two different assets. And you did not provide any proof to substantiate your claim.
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Free1bitco.in
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January 21, 2020, 05:30:23 AM |
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I think it's just a coincidence. if the price of bitcoin is in harmony with the price of gold, there is a possibility that the price of gold is already very high, but it is not, because even though bitcoin and gold are investment tools, they really have different principles. so the level of fluctuation is very different.
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Kakmakr
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January 21, 2020, 05:36:45 AM |
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There are a lot of similarities between Gold and Bitcoin, like it being a Store of Value and it is this feature that gives it a price behavior, similar to Gold, because investors are using it for the same reasons. (to hedge against possible instability in the economic and political environment) The thing that is very different between the two is the volatility of the price, because the Bitcoin price is a lot more volatile than Gold. You will rarely find a price spike of say $300 to $600 in a day with the Gold price. Satoshi also developed Bitcoin on the same concept as Gold, based on it's rarity and diminishing supply, so a lot of Goldbugs also like to invest in Bitcoin for the same reasons.
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Sadlife
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Maybe you're talking about in the time when US government or the Trump administration decided to kill the Iran's Top General Qassem Soleimani. The stock market went into a panic and made Gold and BTC pump concurrently, but the war didn't continue so investors are back in the stocks causing for the both asset to go down at the same time. Those simultaneous movements can only happen if there is a global crisis happening in my opinion.
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Dhoe
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January 21, 2020, 05:50:33 AM |
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I think it's just a coincidence. if the price of bitcoin is in harmony with the price of gold, there is a possibility that the price of gold is already very high, but it is not, because even though bitcoin and gold are investment tools, they really have different principles. so the level of fluctuation is very different.
Yeah I agree, this is just a coincidence, in past, I also think that the price of Bitcoin is in line with the price of gold, Because at that time the price movement of Bitcoin was the same as the price of gold, and it turned out it was just a coincidence. Bitcoin price fluctuations are higher than gold price fluctuations.
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Youghoor
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January 21, 2020, 05:58:03 AM |
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According to the recent price chart, Bitcoin's move has been very similar to Gold's move.
Recently, after Trump delivered speech, the price of Bitcoin and Gold both went down.
And there were other cases that Bitcoin's move follows after Gold's move.
But is this still enough to say that Bitcoin moves like Gold?
You should understand that people in the crypto space doesn't really endorse speculations. It will be better if you add the source of this info to help others understand why you think Bitcoin is moving like Gold. But personally, I don't really agree with you on this. Bitcoin is in its own class considering the nature of the bitcoin market .
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MURONDI
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January 21, 2020, 06:09:47 AM |
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not only gold, every trade is interrelated because of the USD, when the value of the USD weakens, then bitcoin, gold, and others tend to go up, so actually there is no relation between bitcoin and gold, it is only the influence of the USD.
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nicolas1979
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January 21, 2020, 06:19:39 AM |
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I'm sure about that and that's why bitcoin place is same like commodity ( gold, silver, index's, etc ) not with currency. All economy activity should ended with currency so let's avoid bitcoin will replace real money, that's wrong. Even we see bitcoin is more popular than forex ( currency ) but bitcoin is similar with commodity, need to mining and can sell in market the different is only about equipment. Similar movement yes, so why not use gold indicator to predict bitcoin direction?.
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garyrowe
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January 21, 2020, 06:30:53 AM |
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According to the recent price chart, Bitcoin's move has been very similar to Gold's move.
Recently, after Trump delivered speech, the price of Bitcoin and Gold both went down.
And there were other cases that Bitcoin's move follows after Gold's move.
But is this still enough to say that Bitcoin moves like Gold?
I think the bitcoin market and that of Gold are two separate markets which are different in several ways including their market centiments. Price movement of Bitcoin is very much different from that of Gold. Your observation in their movement recently might have come as a coincidence but that shouldn't be enough to conclude that both market follows the same pattern.
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Shasha80
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January 21, 2020, 06:42:58 AM |
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I do not agree that bitcoin movements follow the movements of gold, because bitcoin will never follow market movements anywhere. Because Bitcoin moves based on supply and demand, if the bitcoin price chart looks the same as gold it's likely only coincidence. Not we associate the movement of the bitcoin market with gold, because the two markets are different linkages.
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julius caesar
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January 21, 2020, 07:06:44 AM |
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The value of bitcoin moves depends on the markets supply and demand. Like gold, its price also moves that way that is why they are more likely have the same movement. But for me, gold is much more stable than bitcoin plus the fact that it is physically present, unlike bitcoin which is digital. Also, we should not forget the factor that gold has a tax while btc doesn't have any.
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mirrasel
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January 21, 2020, 07:12:26 AM |
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I do believe these are two different things. We shouldn't compare these two things with each other. A tangible asset can't be comparable with an intangible asset. Bitcoin is the just innovative and secured finance system ever for everyone!
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DdmrDdmr
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January 21, 2020, 07:44:15 AM |
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<...>
Going over the data provided by Coinmetrics, there is a weak correlation between the two (blue line is BTC vs Gold; red BTC vs S&P). Of course there will be point in time events that can make the two assets dance at a similar pace, but the general pattern overtime does not correlate their price: https://coinmetrics.io/correlations/#assets=btc-s&p,btc-gldCharts display Spearman’s correlation for BTC/S&P (red) and BTC/Gold (blue). Historical correlation data is within the range -0.2 .. +0.25, which points to a weak correlation. <…> Correlation is an effect size and so we can verbally describe the strength of the correlation using the following guide for the absolute value of: •.00-.19 “very weak” •.20-.39 “weak” •.40-.59 “moderate” •.60-.79 “strong” •.80-1.0 “very strong” <…>
https://coinmetrics.io/correlations/#assets=btc-s&phttp://www.statstutor.ac.uk/resources/uploaded/spearmans.pdf
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bitcampaign
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January 21, 2020, 07:45:09 AM |
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Which chart? and which Trump speech ?, can you give a little link, it seems like bitcoin does not follow the price of gold or vice versa, if indeed bitcoin follows gold clearly it is wrong even though they have similarities like real gold and digital gold with different markets, the price reduction occurs at bitcoin because of the correction and stopped at $ 8600 support
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k@suy
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January 21, 2020, 07:55:19 AM |
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Which chart? and which Trump speech ?, can you give a little link, it seems like bitcoin does not follow the price of gold or vice versa, if indeed bitcoin follows gold clearly it is wrong even though they have similarities like real gold and digital gold with different markets, the price reduction occurs at bitcoin because of the correction and stopped at $ 8600 support
In deed and I think the speech of Mr. Trump cannot affect the bitcoin's price movement and also its value. And also I dont think that the bitcoin can be compare to the gold because we all know that the value and price of a tiny gold is too huge how much more if it is a pot of gold. You can be a millionaire if you have a pot of gold but here in crypto world the value and price of bitcoin is not that high as gold.
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NeuroticFish
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January 21, 2020, 08:05:14 AM |
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But is this still enough to say that Bitcoin moves like Gold?
There were attempts to match Bitcoin market movements with gold, silver, stocks, whatever. On long term the result was always the same: the models kept proving that the analogies don't exist, the movements are decoupled and whatever rule is found, it's either incorrect, either happens for a small period/subset (which doesn't make it a rule)
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bitvalak
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January 21, 2020, 08:07:15 AM |
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Almost all patterns of any price increase are the same. But can it be said that the two are the same? Of course not, because of different markets and different targets. Commodity gold which has been around for a long time, the price of gold is also not as volatile as bitcoin. Why don't you try to equate it with silver or other commodities, the price chart is definitely the same. It's just a coincidence if both prices rise at the same time.
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