{"id":7417,"date":"2021-08-09T08:06:27","date_gmt":"2021-08-09T07:06:27","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=7417"},"modified":"2021-08-09T08:06:36","modified_gmt":"2021-08-09T07:06:36","slug":"bitcoin-holds-strong-even-as-a-crash-hits-the-gold-market","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitcoin-holds-strong-even-as-a-crash-hits-the-gold-market\/","title":{"rendered":"Bitcoin holds strong even as a crash hits the Gold market"},"content":{"rendered":"\n
With Bitcoin still holding strong in position, the prices of Gold<\/a> have dropped below $1,700 per ounce this morning.<\/h5>\n\n\n\n
\"Bitcoin<\/figure>\n\n\n\n

A sudden fall on August 9 brought gold prices below $1,700\/oz, bringing it to its lowest level since March.<\/p>\n\n\n\n

During Asian trading hours on Monday, the price of the precious yellow metal fell\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> to $1,690\/oz, according to Tradingview. Gold has now recovered slightly, with the price last changing hands for $1,742\/oz at the time of writing.<\/p>\n\n\n\n

Since trading above $1,900\/oz at the end of May, gold has dropped 4% in the last seven weeks and 8.7% since that time.<\/p>\n\n\n\n

So far in 2021, the precious metal has lost 8%, and it is already down 14.6 percent from its all-time high of just under $2,040 in August 2020.<\/p>\n\n\n\n

Peter Brandt, a forex trader and chart expert, blamed the crash on wholesale liquidations, saying, “This has all the fingerprints of a bank\/brokerage house conducting forced liquidation upon a huge leverage speculator.”<\/p>\n\n\n\n

He pointed out that the leverage ratio on the Chicago Mercantile Exchange's gold markets is roughly 15 to 1, implying that heavily leveraged traders are driving price action for gold.<\/p>\n\n\n\n

The plunge this morning was partly attributed to “stop-loss linked selling in very thin market conditions,” according to analysts at London trading firm City Index<\/a>.<\/p>\n\n\n\n

However, U.S. unemployment numbers were also a catalyst for a drop in commodity prices last week. According to a Bureau of Labor Statistics report released Friday, the jobless rate fell higher than predicted to 5.4 percent from 5.9 percent, a new low for the epidemic era.<\/p>\n\n\n\n

With the labour market and broader U.S. economy continuing to improve, City Index concluded:<\/p>\n\n\n\n

\u201cThe better jobs data sent the US dollar and US bond yields higher, never a good formula for commodities.\u201d<\/p><\/blockquote>\n\n\n\n

Bitcoin is currently worth 25 ounces of gold, down 28.5 percent from its all-time high against gold<\/a> \u2014 a single BTC was worth 35 ounces of gold during Bitcoin's all-time high of nearly $65,000 in mid-April.<\/p>\n\n\n\n

At the start of 2021, one Bitcoin was worth 15.5 ounces of gold.<\/p>\n\n\n\n

\"\"
Source: Highcharts.com<\/figcaption><\/figure><\/div>\n\n\n\n

According to CoinGecko, BTC had dropped 2% in the previous 24 hours to $43,667 at the time of writing.<\/p>\n","protected":false},"excerpt":{"rendered":"

With Bitcoin still holding strong in position, the prices of Gold have dropped below $1,700 per ounce this morning. A sudden fall on August 9 brought gold prices below $1,700\/oz, bringing it to its lowest level since March. During Asian trading hours on Monday, the price of the precious yellow metal fell to $1,690\/oz, according […]<\/p>\n","protected":false},"author":12,"featured_media":7426,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83,76],"tags":[152,260,1138],"class_list":["post-7417","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","category-bitcoin-price","tag-bitcoin","tag-gold","tag-markets"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/08\/Bitcoin-holds-strong-even-as-a-crash-hits-the-gold-market.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/7417","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=7417"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/7417\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/7426"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=7417"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=7417"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=7417"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}