Over the past few months, Bitcoin (BTC) has been rated by economists, investors, and commentators as a promising asset for a “safe haven.”
You see, during a period of global upheaval, cryptocurrency has managed to effectively get ahead of all other asset classes in books. The United States began its last trade war with its economic rival China, Bitcoin gained 105%.
Although this number alone does not mean anything, the middle class of assets that Grayscale explored, including stocks, bonds, and foreign currencies, actually lost 0.5% over the same period of time. Thus, from an external point of view, it might seem that BTC is completely unaffected by macro-events, hence the classification of “digital gold.” But wait, this story may be somewhat wrong. This is why Bitcoin and the Dow Jones are completely changing.
You can track transactions, you can determine from which country the operation was performed, but finding out the owner of an electronic wallet is very difficult. In essence, cryptocurrencies are an ideal way to get away from the watchful eye of the state. For example, in order not to pay taxes, or a way of cashing out.
On Friday, Bitcoin managed to rise to the $ 8700 price mark, however, it did not hold its position and on the weekend it dropped $ 8280.
The “death cross” loomed on the daily chart; a strong decline in prices may occur already next weekend if consolidation continues. The last time a 50-day moving average fell below the 200-day MA in March 2018, after which a bearish trend remained on the market for about a year. As this outlet closed, the cryptocurrency market was absolutely full last week.
According to Coin360, bitcoin, at the time of writing which was $ 9,500 at the time of writing, lost 20% last week, which is a weekly move that probably resembles many of 2018. And it’s not in vain.