Gold Sees Biggest Sell-off in 7 Years, Bitcoin Moves Sideways
This week is difficult for Bitcoin as hit one month low with this now gold market is on continuous hit daily in the last seven years. Since 2013 it is a big setback for gold market as it’s price drop worse in the last 24 hours.
Experts predicted that the price of gold will surge by at least 200% an ounce by the year 2020. From the last three months, the world is worry about the corona Virus. The reported community spread of the virus is detected in more and more countries.
The World toward the third criteria worldwide spread of the new virus. Affected stock markets, the economy of China Stock markets and traders are on a daily fall.
All these crises raised worldwide because of coronavirus. That’s why gold prices drop over the last five days. The outbreak of coronavirus affecting traders, markets, Gold prices. From Feb. 24-29 xau/USD lost a total of 73% Before a little bit rebound.
Bitcoin loses weekly around 9% currently due to gold roughly falls down which affecting “digital gold”. $4.3 trillion in seven sessions erased stricken stock market.
Coronavirus continues to spread and the US equity market were Down 11% average. The worse sell-offS ever. This year with this month marketS is on to several cutoffs. There are predictions of further weaknesses panic set off of Gold.
Cryptocurrency returned lows off after rebounding from four weeks lows of $8,450, forecast average price and Moving near as $8,800.
Peter Schiff, took chance to rubbish those who believed BTC act as a safe haven. Schiff is firmly stand gold promises. He wrote in a tweet:
“Today 4% drop in gold is a very rare move in a single day but it does happen occasionally.”
