Anyone who has been to China knows they love buying gold. You can buy it in bars or in all sorts of designs such as dragons. They distrust their currency enough that they see gold as hedge. Now despite the government efforts, Bitcoin has taken on a similar value. So is it a surprise to see the correlation between gold and Bitcoin looks high over the last year? The question is now will the trade war get worse? And will it continue to drive prices higher? Well, its anyone's guess, but Trump is doubling down, but usually he backs down...so we will have to see...for now its safe to assume BTC wont correct until things chill between the US and China - the problem is that its not likely to happen soon.
BNB started moving today, and I see that as a positive sign. It would be better to see LTC start to follow as well,since BNB is more easily controlled by Bianance.
Nevertheless,we remain neutral and prefer to wait and see for another confirmation of this rally - with a movement in LTC being the key driver. Given that isn't happening, we continue to fade this rally and worry about what happens to the complex if BTC falls back under 10K.
BNB started moving today, and I see that as a positive sign. It would be better to see LTC start to follow as well,since BNB is more easily controlled by Bianance.
Nevertheless,we remain neutral and prefer to wait and see for another confirmation of this rally - with a movement in LTC being the key driver. Given that isn't happening, we continue to fade this rally and worry about what happens to the complex if BTC falls back under 10K.
Comment:
And now we see a panic in stocks and Gold takes off...but BTC falls...so the China trade was was all the BTC rally was about...but Gold is telling a different story...its important to understand that Gold is a $7Tr market..and BTC is only a $200B market..that also means its not as efficient...