create account

Chart Of The Day: Is Bitcoin Moving Like Gold? Or Like Something Else? by deathcross

View this thread on steemit.com
· @deathcross ·
$73.40
Chart Of The Day: Is Bitcoin Moving Like Gold? Or Like Something Else?
For many years Bitcoin is called “the digital gold”, and this year this opinion is very popular. Bitcoin seems to be a “safe haven” among altcoins, Bitcoin rallies while many alternatives are struggling to remain at least in positive price territory. 
# BTC as safe heaven?
Another idea is that with a new, future financial crisis, possible crash in stock markets and bond markets, too much debt, surging inflation, social tensions, etc., all “safe haven” assets can be much more valuable for investors than before. Like gold, silver, bonds – or BTC. 

Lately, first after the Federal reserve comments on interest rate cuts, then Donald Trump’s threats about more tariffs on Chinese goods, stock indexes were nose-diving. Gold jumped again, and so did also Bitcoin, surging from near 9,800 USD to 12,200 in less than a week. That is 25 percent, an impressive strength also in Bitcoin terms. 

*[![cryptocurrency BTCGOLDRENMIMBI.jpg](https://files.steempeak.com/file/steempeak/deathcross/P5LnSoKk-cryptocurrency20BTC-GOLD-RENMIMBI.jpg)
(Click to view in higher resolution. Chart courtesy of [Tradingview](https://www.tradingview.com))](https://i.imgsafe.org/96/96285ec7fd.jpeg)*

Gold went from 1420 USD to 1477, only four percent. That may seem tiny compared with Bitcoin but is significant in case of the yellow metal. Are gold and Bitcoin close friends, then? 

# Black Christmas
I would say, not obviously, or not always. Maybe sometimes. If we see a little further in the past we see different periods. In December, for example, stock markets fell, Bitcoin fell (to 3100 USD), but gold surged step by step. Bitcoin showed no sign to be a safe harbor, at the contrary. 

Another idea is that Bitcoin could be moving together with Chinese assets. I heard about this theory in 2013 or 2014 already. The red line in the chart is the USD/CNY (US dollar/Chinese yuan, or renminbi). It seems to me that this correlates more often with the Bitcoin price than gold does.

*[![cryptocurrency BTCSHANGHAI.jpg](https://files.steempeak.com/file/steempeak/deathcross/H4KD9GiS-cryptocurrency20BTC-SHANGHAI.jpg)
(Click to view in higher resolution. Chart courtesy of [Tradingview](https://www.tradingview.com))](https://i.imgsafe.org/96/96711df219.jpeg)*

# Who follows whom?
“Chart of the day”, I know, but I have a second picture again. I also drew a chart with the Shanghai Composite Chinese stocks index, and it also seems interesting. There was a big peak in the index just some weeks later than by Bitcoin in December 2018. This year, Shanghai Composite peaked in April, and Bitcoin in June. 

This time, BTC seems to follow the Chinese stock market. Although, in the last days, stocks fell and BTC jumped. I suppose Chinese investors have a great impact on cryptocurrency prices. (I see less resemblance to the S&P 500 USA-index.)

(And sometimes Litecoin is called the silver of cryptocurrencies, but about this, maybe, I will post another day.) 

### *The series “Chart Of The Day”*
*I started a series with the title “Chart Of The Day” because I see every day interesting things on the markets or in the news. Other parts here:*

___The last ones:___
* _[How Many Tokens Do We Have? Crazy](https://steemit.com/steem-engine/@deathcross/chart-of-the-day-how-many-tokens-do-we-have-crazy)_
* _[Which Token Fell 80 Percent In A Single Day?](https://steemit.com/steem-engine/@deathcross/charts-of-the-day-which-token-fell-80-percent-in-a-single-day)_
* _[How Did Altcoin Prices Perform In The Very Long Term?](https://steemit.com/investing/@deathcross/chart-of-the-day-how-did-altcoin-prices-perform-in-the-very-long-term)_


___Older ones:___
* _[Wow, Wow, How Overperforming!](https://steemit.com/steem/@deathcross/chart-of-the-day-wow-wow-how-overperforming)_
* _[Is Voice A Success?](https://steemit.com/voice/@deathcross/chart-of-the-day-is-voice-a-success)_
* _[We Need 14,403 Steem Blockchains More!](https://steemit.com/steem/@deathcross/chart-of-the-day-we-need-14-403-steem-blockchains-more)_
* _[How Unstable Stablecoins Can Be?](https://steemit.com/steem/@deathcross/chart-of-the-day-how-unstable-stablecoins-can-be)_
* _[Where Is The Chinese Miracle?](https://steemit.com/investing/@deathcross/chart-of-the-day-where-is-the-chinese-miracle)_
* _[Dominance On 2017-Level](https://steemit.com/investing/@deathcross/chart-of-the-day-dominance-on-2017-level)_
* _[Are Facebook Shareholders Ignoring Libra?](https://steemit.com/facebook/@deathcross/chart-of-the-day-are-facebook-shareholders-ignoring-libra)_
* _[Forbid USD, It Is Used For Drug Buying!](https://steemit.com/cryptocurrency/@deathcross/chart-of-the-day-forbid-usd-it-is-used-for-drug-buying)_
* _[What Was The Biggest Fall Today?](https://steemit.com/investing/@deathcross/chart-of-the-day-what-was-the-biggest-fall-today)_
* _[Is The Steem Inflation The Real Cause…?](https://steemit.com/steem/@deathcross/chart-of-the-day-is-the-steem-inflation-the-real-cause)_
* _[High Traffic Gives A Glimmer Of Hope](https://steemit.com/bitcoin/@deathcross/chart-of-the-day-high-traffic-gives-a-glimmer-of-hope)_
* _[Are Precious Metals Breaking Loose?](https://steemit.com/investing/@deathcross/chart-of-the-day-are-precious-metals-breaking-loose)_
* _[See This Authentic Dinosaur Struggling](https://steemit.com/investing/@deathcross/chart-of-the-day-see-this-authentic-dinosaur-struggling)_
* _[Steem Has Sooo Many Dapp Users](https://steemit.com/steem/@deathcross/chart-of-the-day-steem-has-sooo-many-dapp-users)_
* _[Do You Still Believe In Your Tokens?](https://steemit.com/investing/@deathcross/chart-of-the-day-do-you-still-believe-in-your-tokens)_

👍  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , and 1355 others
👎  
properties (23)
post_id78,768,293
authordeathcross
permlinkchart-of-the-day-is-bitcoin-moving-like-gold-or-like-something-else
categoryinvesting
json_metadata{"app":"steempeak\/1.14.12","format":"markdown","tags":["investing","cryptocurrency","bitcoin","gold","stocks","palnet","steemleo","neoxian","crisis","cn"],"users":["deathcross"],"links":["https:\/\/i.imgsafe.org\/96\/96285ec7fd.jpeg","https:\/\/www.tradingview.com","https:\/\/i.imgsafe.org\/96\/96711df219.jpeg","https:\/\/www.tradingview.com","\/steem-engine\/@deathcross\/chart-of-the-day-how-many-tokens-do-we-have-crazy","\/steem-engine\/@deathcross\/charts-of-the-day-which-token-fell-80-percent-in-a-single-day","\/investing\/@deathcross\/chart-of-the-day-how-did-altcoin-prices-perform-in-the-very-long-term","\/steem\/@deathcross\/chart-of-the-day-wow-wow-how-overperforming","\/voice\/@deathcross\/chart-of-the-day-is-voice-a-success","\/steem\/@deathcross\/chart-of-the-day-we-need-14-403-steem-blockchains-more"],"image":["https:\/\/files.steempeak.com\/file\/steempeak\/deathcross\/P5LnSoKk-cryptocurrency20BTC-GOLD-RENMIMBI.jpg","https:\/\/files.steempeak.com\/file\/steempeak\/deathcross\/H4KD9GiS-cryptocurrency20BTC-SHANGHAI.jpg"]}
created2019-08-06 12:30:42
last_update2019-08-06 12:30:42
depth0
children7
net_rshares219,496,210,767,365
last_payout2019-08-13 12:30:42
cashout_time1969-12-31 23:59:59
total_payout_value55.953 SBD
curator_payout_value17.449 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length5,613
author_reputation713,400,375,071,259
root_title"Chart Of The Day: Is Bitcoin Moving Like Gold? Or Like Something Else?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (1420)
@joshkg ·
I think I can say BTC is a "safe haven"
👍  , ,
properties (23)
post_id78,769,285
authorjoshkg
permlinkpvtgdc
categoryinvesting
json_metadata{"tags":["investing"],"app":"steemit\/0.1"}
created2019-08-06 13:05:48
last_update2019-08-06 13:05:48
depth1
children0
net_rshares22,754,511,139
last_payout2019-08-13 13:05:48
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length39
author_reputation4,786,300,923
root_title"Chart Of The Day: Is Bitcoin Moving Like Gold? Or Like Something Else?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (3)
@nithishfloopz ·
This proves Bitcoin is a great Hedge Fund and Store of Value
👍  , ,
properties (23)
post_id78,771,264
authornithishfloopz
permlinkpvtjbc
categoryinvesting
json_metadata{"tags":["investing"],"app":"steemit\/0.1"}
created2019-08-06 14:09:15
last_update2019-08-06 14:09:15
depth1
children0
net_rshares22,785,775,410
last_payout2019-08-13 14:09:15
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length60
author_reputation697,161,399,963
root_title"Chart Of The Day: Is Bitcoin Moving Like Gold? Or Like Something Else?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (3)
@kayceefresh ·
Just the norms in the cryptosphere where btc dominance still reigns over alt, the Asia market loves crypto cos it's the easiest way to by cut the governments and their politics

Posted using [Partiko Android](https://partiko.app/referral/kayceefresh)
👍  
properties (23)
post_id78,776,640
authorkayceefresh
permlinkkayceefresh-re-deathcross-chart-of-the-day-is-bitcoin-moving-like-gold-or-like-something-else-20190806t170300239z
categoryinvesting
json_metadata{"app":"partiko","client":"android"}
created2019-08-06 17:03:00
last_update2019-08-06 17:03:00
depth1
children0
net_rshares21,850,562,811
last_payout2019-08-13 17:03:00
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length250
author_reputation2,958,769,349,525
root_title"Chart Of The Day: Is Bitcoin Moving Like Gold? Or Like Something Else?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (1)
@omrfrq18 ·
Good analysis good information. Thanks for this post.
👍  
properties (23)
post_id78,778,872
authoromrfrq18
permlinkpvtuxe
categoryinvesting
json_metadata{"tags":["investing"],"app":"steemit\/0.1"}
created2019-08-06 18:20:09
last_update2019-08-06 18:20:09
depth1
children0
net_rshares20,638,523,042
last_payout2019-08-13 18:20:09
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length53
author_reputation105,789,957,935
root_title"Chart Of The Day: Is Bitcoin Moving Like Gold? Or Like Something Else?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (1)
@arcange ·
Congratulations @deathcross!
Your post was mentioned in the [Steem Hit Parade](/hit-parade/@arcange/daily-hit-parade-20190806) in the following categories:

* Upvotes - Ranked 9 with 1270 upvotes
* Pending payout - Ranked 6 with $ 68,25
properties (22)
post_id78,812,013
authorarcange
permlinkre-chart-of-the-day-is-bitcoin-moving-like-gold-or-like-something-else-20190806t175706000z
categoryinvesting
json_metadata{}
created2019-08-07 15:57:27
last_update2019-08-07 15:57:27
depth1
children0
net_rshares0
last_payout2019-08-14 15:57:27
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length237
author_reputation201,063,544,025,849
root_title"Chart Of The Day: Is Bitcoin Moving Like Gold? Or Like Something Else?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
@deebawriter ·
Read crypto news at https://btcmanager.com/
Follow at telegram https://t.me/btcmanagernews
properties (22)
post_id78,830,478
authordeebawriter
permlinkpvwhar
categoryinvesting
json_metadata{"tags":["investing"],"links":["https:\/\/btcmanager.com\/","https:\/\/t.me\/btcmanagernews"],"app":"steemit\/0.1"}
created2019-08-08 04:18:33
last_update2019-08-08 04:18:33
depth1
children0
net_rshares0
last_payout2019-08-15 04:18:33
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length90
author_reputation-798,403,114,123
root_title"Chart Of The Day: Is Bitcoin Moving Like Gold? Or Like Something Else?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
@sexycarmen ·
Such a nice blog Mr. Deathcross and it is an informative one. Didn't know much about the current exchange of bitcoins until I'm able to read your article and it's information here. I've been writing here and haven't withdrawn yet my earnings but I can't wait to withdraw my pending earnings and it's a good news for writers coz some pays through bitcoins and we are payed fairly with all our hard work guys. Looking forward to many years with all my fellow writers here. Let's share our great experiences here as we face other many challenges in our career and in our lives as well. Other digital currencies that I came across with are Ethereum, Litecoin and so on, so I guess it is very interesting to learn more about these as well. We use digital currencies in the modern world coz we live in the new era and it's really a nice thing that we have like this, right guys?
👍  
properties (23)
post_id78,838,671
authorsexycarmen
permlinkpvwt6a
categoryinvesting
json_metadata{"tags":["investing"],"app":"steemit\/0.1"}
created2019-08-08 08:35:06
last_update2019-08-08 08:35:06
depth1
children0
net_rshares38,207,253,523
last_payout2019-08-15 08:35:06
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length872
author_reputation79,840,311,412
root_title"Chart Of The Day: Is Bitcoin Moving Like Gold? Or Like Something Else?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (1)