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Gold Price Declined As Well As Bitcoin

The 40% drop in bitcoin prices on March 12 undermined the safe haven of the digital currency in times of crisis. However, gold, which was always referred to as a safe depository, is also falling.

Gold prices have fallen by about 8% in a week, with the $ 8 trillion markets. This shows that in just seven days the value of the gold market has fallen by 5 times the total market value of bitcoin.

gold price
One week chart of gold prices

The yellow metal started well with Bitcoin Year 2020 but has fallen about 4% in the last month. Yesterday, during one of the worst days of gold’s history, the price dropped to $1515, and now that we are writing this report, we are trading at $1529 an ounce.

gold price
Gold performance. Source: goldprice.org

An 8% fall in a week, similar to a 40% fall in bitcoin, is happening for the first time in a few years. It is important to examine the extent of market value to compare the fall in the two assets. Bitcoin’s current market value ($ 100 billion) is about 80 times lower than gold. As we said, at the market value scale, the seven-day fall of gold is six times as much as the bitcoin market.

The one-year rise in gold prices is only 17%, while Bitcoin has grown about 35% in the last year despite its sharp decline.

In the financial crisis of the year 2008, gold was the only asset to grow continuously, but in the coronavirus, it seems that gold performance has also been called into question.

 

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