Gold is Being Dumped by Investors for Bitcoin; BTC Black Friday Sale Draws in New Buyers

CRYPTONAIRE LYWEEK

CRYPTO investment journal

Gold is Being Dumped by Investors for Bitcoin; BTC Black Friday Sale Draws in New Buyers

The yellow metal continues to get hammered.

Today, gold fell further to $1,764, down 15% from its all-time high of $2,075 in early August, recording losses for four months in a row now.

November is on track to be bullion’s worst month since Nov. 2016, as it fell more than 5%.

Since July, sliding below the $1,800 level for the first time, the key technical support level only accelerated the sell-off. With gold below the 200-day moving average, it could trigger even more technical selling.

These losses are in line with continued outflows of gold exchange-traded funds (ETF), the first monthly one this year.

While gold has been going down for the last four months, Bitcoin has been enjoying an uptrend, going from $12,000 to $19,500 during the same period.

“It actually looks like Gold is being dumped for Bitcoin,” commented one trader on this completely opposite direction both the assets are moving in.

Up 158% YTD compared to gold’s 17%, Bitcoin is poised to break its all-time high of $20,000. Read more...