Stocks Fall Worldwide As Coronavirus Death-toll Climbs

Crypto corner: Can Bitcoin track gold rally?

Bitcoin (BITCOMP) could track soaring gold prices which have risen to near-decade highs so far in 2020, according to a new research paper from Bloomberg analysts.

In the paper, which cites analysts from Morgan Stanley, JPMorgan and Goldman Sachs, it says the “same forces buoying gold support Bitcoin, yet the supply of the crypto is more constrained.”

Gold (GLD) is being sought out by investors because of the devaluation of the US dollar, uncertainty about the economy and rising demand for physical gold, with all three factors likely to boost Bitcoin as well.

Bitcoin itself remains steady around the $9,000 mark, having rallied significantly this year from lows around $4,800.

All data, figures & charts are valid as of 29/06/2020.

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