Decoupling of Bitcoin from Gold: The Birth of a New Era of Safe Havens
Cryptocurrency markets continued to gain in the last twenty-four hours, with Ethereum (ETH) jumping by 8%, while Bitcoin (BTC) regained momentum, approaching the $106,000 level, despite a decline in investors' appetite for risk in stock and gold markets.
This strong performance of cryptocurrencies comes in the wake of the recent credit rating downgrade of the United States by Moody's last Friday, which it attributed to chronic financial deficits and political division. While stocks fell, and gold continued its decline by nearly 7% from its May highs, Bitcoin managed to maintain its gains, even briefly rising to $107,000 on Sunday evening before retreating.
