The price of Bitcoin briefly touched $12,050 on Tuesday, with Ether reaching a two-year high of $485. Together with precious metal, Bitcoin and altcoins have gained huge momentum in the past two months, and their upward trend is closely related to the slide of the US dollar.
It is generally acknowledged that when the U.S. dollar goes down and when the economy goes grim, investors will take safe-haven in precious metals. On one hand, a devalued dollar means that other countries’ currencies will see their value increased, which results in the increased demand for commodities, such as gold. On the other, the decline of the biggest world currency will drive investors to find alternative investment sources to store value. And gold has long been proved to be the most stable and trusted one.
According to the gold prices and u.s. dollar correlation chart of Macrotrends, it is clearly shown that prices of gold and U.S. dollar displayed a strong inverse correlation since March when the COVID-19 pandemic started to hit the global economy.
Meanwhile, Bitcoin has shown a strong correlation with gold. In late July, the U.S. dollar plummeted to a two-year low due to the spike of virus cases, which seemingly fueled the upward trend of alternative assets, including gold and Bitcoin.
Currently, bearish dollar forecasts gain popularity in Wall Street. Ulf Lindahl, the chief investment officer of currency manager A.G. Bisset even made the bold assumption that we would see the U.S. currency plunge 36% against the euro by 2021. If the dollar continues to depreciate, more investors will flock to Bitcoin, thus driving up the crypto’s price.
BTC futures trading – maximize profits with less investment
Bitcoin is expected to gain momentum from the weaker dollar, and we could gain a clearer view of Bitcoin’s moves based on the trends of the dollar and gold. If you want to earn big profits with small investment, BTC futures trading with 100x leverage is the best trading instrument that you can turn to.
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