November 20, 2019 Finance and Tech Publication

Gold Plunges After Dow Records New High; Why Bitcoin May Rise

Thursday wasn’t a great day for gold holders. During the day’s trading session, the precious metal cratered by its standards, falling by $23 — a 1.5% downward move — from $1,490 to $1,468 in a relatively spectacular fashion. This drop came a day after the asset shed $30, implying that a downtrend is forming for gold.Bitcoin, on the other hand, was relatively stagnant, finding itself ranging at $9,200 for the umpteenth day in a row. And the U.S. stock market registered new highs, surging off news of an impending trade deal, relatively strong economic metrics, amongst other positive news.Related Reading: Published Author and Altcoin Trader Highlights 5 Crypto Set to Outshine BitcoinGold Plunges; Bitcoin to Follow?If you’ve followed the crypto news cycle at all over the past few months, you know of the narrative that “Bitcoin is digital gold.” Earlier this year, it was all the rage, with charts displaying the eerily correlated performance of the two assets gaining traction on Twitter.In fact, Quant Fiction, a markets researcher, found that Twitter users identifying as being a “portfolio, fund, asset, or wealth manager”, have published 100% more tweets mentioning both “Bitcoin” and “risk-off”/”safe haven” than at the start of the year.

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