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Bitcoin-Gold Price Correlation Shows Widest Spread in Over a Year

Omkar Godbole
Omkar Godbole , Sam Ouimet ,
 May 3, 2019 at 13:00 UTC Updated May 3, 2019 at 13:15 UTC
With gold on the defensive and down roughly 6 percent since mid-February, bitcoin may continue to shine brightly in the near future. After all, experts have found the two assets to be inversely correlated.

The 90-day correlation coefficient between bitcoin and gold – a statistical measure of linear interdependence between the two variables – is currently seen at -0.71, the lowest level since March 20.

A negative number represents an inverse relationship, i.e. meaning the two variables are moving in opposite directions, which has been the case between bitcoin and gold since November.

For instance, the yellow metal found takers at $1,200 on November 13 and was flirting with the psychological resistance of $1,300 at the end of December. During the same period, bitcoin, fell from $6,200 to $3,122, according to Bitstamp data.

Read more: https://www.coindesk.com/as-gold-prices-stumble-inverse-correlation-with-bitcoin-reaches-14-month-high

The cost of secondhand cryptocurrency mining equipment in China has nearly doubled in recent weeks as a result of bitcoin’s price jump over the same period.

The bull run that began in mid-April has made these machines more profitable to run – and hence more valuable. According to blockchain data firm TokenInsight, as recently as April 8, an investment in most types of crypto mining equipment would take 200 to 350 days to pay for itself.

But bitcoin’s climb from the low $4,000 range in early April to well above $5,000 has resulted in a drop in the payback period (a miner’s price divided by its daily profit) for several secondhand models to less than 200 days.

Read more: https://www.coindesk.com/bitcoin-minings-new-bidding-war

68% of global high-net-worth individuals have already invested or are planning to invest in crypto by the end of 2022, according to a survey by Dubai-based financial consultancy firm deVere Group released on May 3.

DeVere group has more than $10 billion in assets under advice, with more than 80,000 clients located in more than 100 countries.

More than two-thirds of global individuals whose assets’ value is equivalent or greater than 1 million British pounds (GBP) or $1.3 million, will be invested in cryptocurrencies such as bitcoin (BTC), ether (ETH), and ripple (XRP), the report notes.

The new survey included more than 700 deVere clients as respondents, located in major global countries such as the United States, the United Kingdom, Australia, Japan, Qatar, Switzerland, Mexico, Hong Kong, Spain, France, Germany and South Africa and the United Arab Emirates.

Read more: https://cointelegraph.com/news/68-of-global-millionaires-already-invested-or-plan-to-invest-in-crypto-by-2022-survey

The bitcoin price has increased from $5,341 to $5,587 on Coinbase, getting close to surpassing a 2019 high at $5,594. In some crypto major markets, the bitcoin price surged past $5,600.

According to Peter Brandt, a technical analyst and a best-selling author, a technical indicator called the Factor’s benchmark weekly moving average (MA) has formed a similar structure it showed in 2015.

“The last time Factor’s benchmark weekly MA was in the current profile of turning from down to up was in Nov 2015 just as $BTC began its move from $340 to $19,800,” Brandt said.

Bitcoin’s strong performance comes amidst the iFinex scandal is being played out, a case in which the office of the New York Attorney General alleged Bitfinex of mismanaging $900 million of Tether’s cash reserves in an attempt to “cover-up” an $850 million loss.

Read more: https://www.ccn.com/bitcoin-jumps-4-to-new-2019-high-boosted-by-20000-trigger-indicator

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