Bitcoin (BTC) and spot gold hovered below their key psychological levels on Wednesday as a stronger United States dollar weighed on investors’ appetite for hedging assets. The BTC/USD exchange rate dropped 5.27% to its intraday low of $44,423 but recovered a portion of those losses after reclaiming the $45,000–46,000 range as support. The pair’s recovery also came as an extension to its ongoing rebound from $42,830, a level it reached on Tuesday after falling by more than 18% in the session. Bitcoin’s massive sell-off coincided with a strikingly similar but dwarfed decline in the rivaling gold market. In detail, the …

What is protecting an investment portfolio from potential stock market volatility? As per Bloomberg Intelligence’s Mike McGlone, a merged exposure of Bitcoin (BTC), gold and government bonds. The senior commodity strategist, who sees BTC heading to $100,000, pitted derivatives in a new report representing the three safe-haven assets against the performance of the S&P 500 index, finding that the trio has been outperforming the benchmark Wall Street index at least since the start of 2020. The Bitcoin-Gold-Bonds index took data from the Grayscale Bitcoin Trust (GBTC), SPDR Gold Shares (GLD) and iShares 20+ Year Treasury Bond ETF (TLT). The three …

The S&P 500 slid to the intraday highs of Sept. 2 while Bitcoin (BTC) climbed to its highest levels in more than three months. The moves came as a key report on Sept. 3 showed that the United States economy added fewer jobs than anticipated, lowering the Federal Reserve's likelihood to start unwinding its stimulus program this year. The U.S. Bureau of Labor Statistics revealed that nonfarm payrolls (NFPs) grew by 235,000 in August, against expectations of 733,000 positions. Nevertheless, the unemployment rate inched lower to 5.2% from the previous month's 5.4%. OUCH! US economy adds just 235,000 jobs vs …

Cryptocurrencies like Bitcoin (BTC) are getting increasingly popular with Russian investors, apparently displacing traditional investment products, according to a new survey. Russia’s Association of Forex Dealers (AFD), a local self-regulatory organization focused on the foreign exchange market, polled 502 Russian investors to find out the local investor sentiment regarding cryptocurrencies. Released on Tuesday, the survey was conducted from Aug. 4 to Aug. 24, 2021. In the survey, nearly 77% of respondents said that cryptocurrencies such as Bitcoin, Ether (ETH) and Litecoin (LTC) are the “most forward-looking” investment. Only 8.8% of respondents indicated that they view gold as the best investment, …

In a recent interview, subprime short investor and billionaire portfolio manager John Paulson criticized the volatile nature of digital assets while advocating for investments in traditional safe-havens such as gold. The co-founder of Paulson & Co, a New York-based firm launched in 1994, Paulson was a historic beneficiary of the United States housing financial market collapse of 2008 after placing a legendary successful short position. However, Paulson recently took the decision to devolve his hedge fund into a family office after a 76.5% reduction in assets under management, from a peak of $38 billion in 2011 to $9 billion in …

Gold proponent and crypto skeptic Peter Schiff has been crowned the winner of a debate on whether gold is a superior store of value to Bitcoin (BTC). Schiff was facing off against Skybridge founder and former politician Anthony Scaramucci in a debate hosted by Intelligence Squared on Wednesday. Before the gold vs. Bitcoin debate began, a poll scored 38% of the online audience in favor of the precious metal, 26% for BTC, and 35% as undecided. Schiff had been able to swing a significant number to the precious metal by the end, with final results tallying in at 51% for …

Despite Bitcoin (BTC) slipping back below $50,000, more and more investors are likely to move their capital into Bitcoin and gold markets in the second half of 2021 (H2), asserted Mike McGlone, senior commodity strategist at Bloomberg Intelligence, on Aug. 23. The financial analyst cited the consistently lower yields offered by the 30-year U.S. Treasury note to explain his upside prediction. He noted that if its rate of return persists below 2%, it could enhance the price discovery stage for Bitcoin while posing a competitive advantage for traditional safe-haven assets like gold. #Bitcoin, #Gold & Long #Bonds: Three Amigos for …

Jake Klein, CEO of Australian gold mining establishment Evolution Mining, has said that crypto price volatility will make gold a far more attractive proposition. Speaking to CNBC on Thursday, Klein argued that Bitcoin (BTC) is still ways away from offering the longstanding security associated with gold from a hedge investment perspective despite Bitcoin’s returns outsizing gold by several orders of magnitude in the last decade. According to Klein, crypto is still a speculative play, and the attendant volatility inherent in such markets will point investors back toward gold. The unstable nature of cryptocurrency prices is an often-cited criticism of crypto …

Bitcoin (BTC) is replacing gold even as United States’ regulators attempt to disrupt its advance, said Mike McGlone of Bloomberg Intelligence on Monday. The senior commodity market strategist credited the “digitization of money and finance” behind the Bitcoin market’s superior growth against gold, noting that the same factors helped the U.S. dollar gain dominance “rapidly and organically” over the precious metal. McGlone’s comments appeared as takeaways from a recent three-day conference at New Hampshire’s Bretton Woods hotel, which was attended by economists, macro analysts and investors, including Fidelity Investment’s Jurrien Timmer and Morgan Stanley’s Amy Oldenburg, among others. Bretton Woods …

Controversial Canadian psychologist Jordan Peterson appears to have turned onto Bitcoin (BTC) in the latest episode of his podcast. On Tuesday, Peterson published a podcast titled “Bitcoin: The Future of Money?” which hosted a panel of Bitcoiners including John Vallis, the host of the Bitcoin Rapid-Fire podcast; Bitcoin coder Der Gigi; film creator Richard James; and Robert Breedlove, ex-hedge fund manager and host of the What is Money? show. In the video, Peterson, who claims to have an IQ of around 150, puts forward a succinct description of the innovation from which Bitcoin derives its value: “It’s a very interesting …

Bitcoin (BTC) proponents continue to poke fun at gold bugs as the precious metal’s 10-year returns flip negative. As of Tuesday, fresh data shows tha XAU/USD traded 3.7% lower than it did on the same day in 2011. Gold fails to impress — On any timeframe It’s been a bad week for gold and its investors — a sharp fall on Monday has consolidated losses that have characterized much of 2021. Starting the year at $1,941, XAU/USD was down to $1,729 at the time of writing — a year-to-date loss of 10.9%. Whereas longer-term performance had previously saved gold from …

Bitcoin (BTC) is delighting bulls as it heads into a new week after closing a weekly candle in which it gained another $4,000 — can it hold? After spending much of the previous seven days hitting but then descending from local highs, sentiment was mixed going into the weekend. In the event, Saturday and Sunday turned out to be just what bulls had been waiting for, with Bitcoin passing multiple resistance lines and going on to top $45,000. With a sense that there is everything to play for, bulls are now confident but mindful of the fact that in Bitcoin, …