Steven Innes, the head of trading department at Oanda, is convinced that a further decrease in Bitcoin to $ 3000 will lead to a significant increase in the price of gold, reports The Times of India .
“There are still a lot of people in the game. If bitcoin collapses, if we see movement in the direction of $ 3000, people will start to go out en masse. The price of gold will increase significantly, now you can already notice the inverse correlation between gold and digital assets , ”said Innes.
However, if we estimate the dynamics of gold since 2011, the cost of an ounce gradually decreased from $ 1,900 to $ 1,220 (- 35.5%). The price of bitcoin over the past seven years has increased by 12,500%. At the same time, assets did not demonstrate any inverse correlation during 2018, since they are more likely to not affect each other.
Meanwhile, the bitcoin price dropped below $ 4,000, reaching September 2017 values.
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