Bitcoin exchange rate against gold surged 12% on Wednesday, the biggest one-day gain since February 28, 2022
The bitcoin-to-gold exchange rate (the ratio between the unit price of bitcoin and the price of gold per ounce) spiked 12 percent on Wednesday, marking its biggest one-day gain since Feb. 28, 2022, after pro-cryptocurrency Republican nominee Donald Trump won the U.S. presidential election, according to TradingView data, CoinDesk reported. More importantly, the spike in the ratio confirmed the end of an eight-month-long downtrend defined by a trendline connecting the March and June highs. This breakout suggests that Bitcoin's performance relative to gold will once again improve, in part because investors are reallocating money from gold to Bitcoin.
By analyzing the ratio of bitcoin to gold, we can see that the downward trend that has indicated better performance for gold since March is beginning to reverse,” said Noelle Acheson, author of the Crypto Is Macro Now newsletter. Globally, investors will increasingly focus on hedging against currency depreciation and capitalizing on the Trump market, both of which favor Bitcoin.”
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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