It appears bitcoin is taking another beating, only this time, it\u2019s from its rival gold. The precious metal has long been considered a solid commodity and a hedge against a wide array of economic problems and similar troubles, but it looks like the asset has recently hit a new six-month high and is now trading for more than $1,800.<\/p>\n
This is not necessarily good for bitcoin because it\u2019s done nothing but taken serious plummets over the time that it\u2019s taken for gold to surge. The world\u2019s number one digital currency has fallen by about 70 percent since hitting its all-time high of about $68,000 in November of 2021. Since then, it\u2019s fallen into the high $16,000 range, and many people who were once believers are turning their backs on the asset and flocking to other potential investing tools, the precious metal being a big one.<\/p>\n
Mobeen Tahir \u2013 an investment strategist at Wisdom Tree \u2013 says bitcoin has fallen drastically mainly because banks all over the world are hiking interest rates as a means of fighting inflation. This gave the asset the perfect opportunity to jump in price and put other assets to shame. In an interview, he said:<\/p>\n
\nWhat should have been smooth sailing for gold became the perfect storm. A rising U.S. dollar and rising treasury yields became headwinds for gold\u2026 These are sort of goldilocks conditions for gold; perfect conditions for gold.<\/p>\n<\/blockquote>\n
It\u2019s also believed that gold is on the rise because the stability and strength of the U.S. dollar is fading drastically. Many analysts claim that gold is also going to see a massive rise in popularity in countries like China, which currently stands as the biggest haven for precious metals. These boosts to the price of gold are slated to last well into 2023.<\/p>\n
Lastly, they say that if the Federal Reserve decides to either slow down rate hikes or pause them altogether, things could potentially get even stronger for gold, and the precious metal is going to jump like nobody\u2019s ever anticipated. In the World Gold Council\u2019s 2023 Gold Outlook, the analysts wrote:<\/p>\n
\nLower inflation should mean potentially diminished interest in gold from an inflation hedging perspective\u2026 Although higher bond yields are associated with lower gold returns and might now be deemed attractive by some investors, current yield levels are historically not a hindrance to gold doing well, particularly when accounting for a weaker U.S. dollar\u2026 We may see a lot of investors express their bullish view on gold via silver next year.<\/p>\n<\/blockquote>\n
Silver Is Also Up<\/h2>\n
As the report shows, gold is not the only precious metal up at press time. Silver has also experienced a jump of about 1.5 percent over the past few weeks.<\/p>\n
In the last few months, silver has experienced price hikes exceeding 15 percent.<\/p>\n
Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"It appears bitcoin is taking another beating,<\/p>\n","protected":false},"author":3,"featured_media":169714,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n
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