In the last month, the cost of the main digital coin moved along the same trajectory as the price of the precious metal.
This summer, the correlation of Bitcoin and gold peaked from 2016, which suggests that the cryptocurrency is starting to respond to external factors, said eToro analyst Mati Greenspan. In his opinion, the growth of digital currencies and precious metals was caused by the Fed policy, in particular, the emergence of information about plans to reduce the base rate.
Bitcoin and gold moving in lockstep over the last month. pic.twitter.com/6PsqxBtWZJ
— Mati Greenspan (@MatiGreenspan) July 3, 2019
“Bitcoin and gold moving in lockstep over the last month.”, writes Greenspan.
In June, investments grew not only in gold, but also in Bitcoin, which may indicate that investors are using a new way to save their money. Such dynamics show that the cryptocurrency has begun to integrate into the global financial system.