Economists are divided on the consequences of record low interest rates across the globe and the incessant money printing by the central banks. However, one thing that most experts agree upon is that investors should get out of paper money and invest in hard assets. Gold has been the traditional safe haven asset which is preferred by institutional investors looking to hedge their portfolio or protect their purchasing power. However, in this digital age, crypto enthusiasts believe that Bitcoin (BTC) is a better bet than gold. Fidelity Digital Assets believes that the “decentralized settlement network and its digitally scarce native …

Bitcoin (BTC) trading volumes in spot and derivatives markets have been surging since the digital asset rallied above the $10,000 level earlier this week. Bakkt reported record Bitcoin futures volume on July 28 and 29, which indicates that the traders who had been waiting for a trending move to start have established fresh positions. A similar volume increase was seen in the Chicago Mercantile Exchange (CME) and the other crypto exchanges that offer futures trading. A breakout that is followed by an increase in activity and higher open interest is usually a positive sign as it shows that the traders …

Gold made a new lifetime high today, eclipsing the previous high made in 2011. This is possibly the result of investors buying the asset as a way to hedge against the possible debasing of fiat currencies due to the huge stimulus packages announced by various central banks around the world. To date, gold has rallied just over 26% under very favorable circumstances, while Bitcoin (BTC) is up about 50% even when it has been out of favor among investors. This shows that the relatively new asset is braving its first crisis since formation and outperforming traditional safe havens with ease. …

The total crypto market capitalization has reached $300 billion for the first time since mid-February, which is a huge positive as it suggests increased investor interest in cryptocurrencies. The interest has largely been in smaller altcoins with Bitcoin (BTC) taking a back seat until early this morning. Even Ether (ETH) recently joined the altseason party and once it broke out of its resistance the price skyrocketed higher. This could have resulted in a missed opportunity for several traders who did not buy on the breakout. Now, traders are likely to expect a similar move from the top-ranked cryptocurrency on CoinMarketCap …

Bitcoin (BTC) has covered a considerable amount of ground over the past few years. Initially considered as an asset mostly used for unlawful activities, it has finally received the approval of the Office of the Comptroller of the Currency. This means banks in the U.S. will now be able to provide crypto custody services to their clients. This move could further encourage institutional investors to enter the crypto space because they are likely to trust their banks more than the other custody services on offer. However, funds are unlikely to start flowing immediately as institutions are known to tread cautiously. …

Since March central banks have been printing money aggressively in order to combat the economic downturn brought about by the coronavirus pandemic. Philip Lowe, the governor of the Australian Reserve Bank, has warned against the consequences of unlimited monetary expansion. Lowe said that “there is no free lunch,” and somebody always has to pay for the money printing “in one form or the other.” The European Union has also agreed on a massive recovery fund of about $857 billion to buoy the social and economic crisis caused due to the coronavirus pandemic. In response, gold again broke out to a …

Gold continues to trade near its nine-year highs as investors hedge their portfolio against a possible devaluation of the U.S. dollar due to the expansive monetary policy of the Federal Reserve. Bitcoin (BTC), which has long been forecast as digital gold, is not finding favor among investors as it remains highly correlated with the U.S. equity markets. However, Binance CEO Changpeng Zhao believes that over the long-term, the top-ranked asset on CoinMarketCap will again start behaving as a safe haven asset. Daily cryptocurrency market performance. Source: Coin360 One possible reason for investors’ aversion to Bitcoin as a safe haven could …

Bitcoin’s (BTC) tight range has put analysts in a fix, meaning, every bit of data is being analyzed to determine the direction of the impending breakout. Bitcoin options open interest data can provide some clues on what the larger investors are expecting but there are many other factors at play that could influence Bitcoin’s spot price. Currently, the maximum open interest buildup in calls is at the $11,000 strike price and in puts at the $8,000 strike price. This suggests that the writers of these options do not believe that these levels are likely to be breached by expiry. Crypto …

Grayscale Investments recent Q2 report shows that the firm took in $905 million into Bitcoin (BTC) and other altcoins. In Q1 of this year, the inflow into various Grayscale products was $503.7 million. The sharp increase in investments indicates that the institutional investors are building positions when the price of the top-ranked asset on CoinMarketCap is stuck in a range as they expect it to rise in the future. Daily cryptocurrency market performance. Source: Coin360 However, in the short-term, the U.S. Federal Reserve’s policy actions might dictate the next directional move. Although the economy is showing signs of recovery, several …

The People’s Bank of China (PBoC) is rumored to be working with food delivery giant Meituan Dianping and ride-hailing application DiDi to test the digital yuan. Currently, Meituan Dianping is estimated to have more than 435 million users. Video streaming platform, Bilibili, could also be the next to join the project. Although the PBoC has not committed to a specific launch date, the coronavirus pandemic seems to have accelerated the project. Following China’s progress on the central bank digital currency, Japan has also expedited its efforts to launch a digital yen. The Japanese government could add the development of the …

The Nasdaq has regularly been making new highs for the past few days, which has resulted in a strong rally in a few technology companies. Along with this, a few stocks in the S&P 500 are also on a tear, pushing their valuations to astronomical levels. While the U.S. equity markets are on a strong footing, gold is not to be left behind. It has also risen to a nine-year high, which shows that assets that are perceived as risky and safe havens, both are rallying at the same time. Ultimately, this proves that an abundant money supply is finding …

At various points throughout 2020 Bitcoin (BTC) was correlated with gold. During these phases BTC was acting as an uncorrelated asset, but now it has become highly correlated to the S&P 500. This suggests that the top-ranked cryptocurrency on CoinMarketCap has been finding acceptance among various groups of traditional investors during different stages of the current coronavirus pandemic induced economic crisis. Crypto market data daily view. Source: Coin360 Bitcoin’s volatility has dropped in the past few days but select altcoins have been rallying sharply, prompting analysts to predict that a new altcoin season has arrived. If Bitcoin shakes out from …