Bitcoin And Ethereum Follows While Gold Is Breaking Records
On Sep 12, 2020
Table of Contents
When one door closes another one opens
The world is currently experiencing its worst moments. 2020 has not yet ended and created many problems, such as:
- A coronavirus pandemic that knocked out almost the entire world for several months.
- The increase in unemployment appeared after the beginning of the pandemic.
- The growth of inflation in many countries (Turkey, etc.).
- The war began in the Middle East (Azerbaijan-the Armenian border).
- Huge explosion in Beirut.
- The possible arrival of the second wave of the pandemic in Europe.
This list can continue for dozens of points. Certainly, we all want a quick end to the year and the establishment of peace throughout the world. But this year has not just a black side, it also has white ones.
The Growth Of Gold Has Affected Cryptocurrencies
The growth of gold occurred after a surge in inflation of the fiat currency. In turn, the growth of gold has affected cryptocurrencies, especially Bitcoin and Ethereum. Almost all Central banks around the world are experiencing a weakening of currencies, as a result of the easing measures taken and the tense situation in the world. The weakening of the exchange rate of a currency such as a dollar forces investors to invest in other assets. In other words, they are looking for ways to save their assets. Thus, the best option remains cryptocurrencies.
Both cryptocurrencies are currently in a bullish market. A few days ago, BTC reached its highest price in the last 6-8 months, reaching $ 11,000. At the same time, ETH is also gradually growing, keeping up with Bitcoin. In other words, if one door closes another one opens. And this door has turned Bitcoin and Ethereum into a safe place to save investors funds.