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Bitcoin Stagnant As Gold Moves ATH Above $2,000

Bitcoin Gold (Courtesy: fxempire.com)

After a span of turbulent phase, Bitcoin has now recorded a stagnant price. The price of Bitcoin is varying from $11,100 to $11,400 and is likely to remain in that position for sometime now.

While Bitcoin is steady and maintaining its position, altcoins are continuing to make wayward movement as even Chainlink recorded its all-time high in the past few days.

Bitcoin, however, has failed to rise above $11,500 mark. The primary cryptocurrency tested the support and psychological level at $11,000, but the bulls didn’t allow further decline and reversed BTC’s movements.

After a current stagnant period, a bullish time can be formed as Bitcoin can again rise up to the $12,000 mark.

The rise of Gold

Now their have been predictions by experts who have said that the price of gold has materialised much quicker than expected. The bullion went into uncharted territory at above $2,000 an ounce for the first time during a test which was conducted yesterday.

Gold has rallied impressively after the outbreak of novel coronavirus epidemic. George Cheveley, a fund manager at Ninety One, said that “uncertainty about whether the world plunges into recession next year or recovers, spurred on stimulus money. When you think of both of those outcomes, gold has a place.”

Peter Schiff, in his tweet said, “While personally vindicating and financially rewarding, gold’s rise above $2K is not a cause for celebration. As #gold continues to set and break new records, rewarding all with the foresight to own it, remember that the move portends extreme economic hardship for most Americans”.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.