Gold Bitcoin linked BTC breaks through 28000 both seen as safe haven assets amid banking crisis
The banking crisis has seen the prices of both Gold and Bitcoin rise, and the two assets are strongly correlated in the short term. Three banks in the United States – Silvergate, Silicon Valley Bank and Signature Bank – recently declared bankruptcy, while others are at risk of exiting the market, such as First Total Bank. Abroad, too, UBS bought Credit Suisse at a steep discount.
Bank failures have raised concerns about financial stability and the safety of bank deposits, and raised the risk of bank runs. With less faith in fiat currencies, investors are turning to alternatives that could be the building blocks of the future financial system. In fact, gold has played a major role in the economic and financial system for a long time. Meanwhile, Bitcoin is increasingly seen as a viable digital alternative, having surged since the banking crisis and now above $28,000, with many analysts bullish on a near-term chance to hit 30,000.
Cryptocurrency trader Glen Goodman also took to Twitter to share recent movements in Bitcoin, gold and the stock market and the correlation between these markets. Let’s look at some of the points mentioned in the article:
Bitcoin is seen as a safe haven asset
First, the article mentions the movements of Bitcoin and gold, and their correlation to the U.S. stock market. Some analysts believe that investors are increasingly looking at bitcoin as a safe haven asset, which is why the movements of bitcoin and gold have gradually separated from those of the stock market. The 30-day Pearson correlation between bitcoin and the S&P 500 fell below 0.2 for the first time since September 2021, according to CoinMetrics. That correlation could turn negative if bitcoin continues to rise and stocks continue to move lower.
Bitcoin will rise again when Federal Reserve can’t quell the banking crisis
The article also mentioned the Federal Reserve meeting. Federal Reserve is widely expected to refrain from more monetary tightening, possibly because investors are increasingly worried about financial stability. However, the banking crisis may still be in its early stages, and if it develops as badly as the 2008 financial crisis, the markets could be in for a prolonged crisis and recession. As a result, many investors may not want to chase stocks higher from where they are.
Finally, the article notes that gold and bitcoin prices could rise further if Federal Reserve fails to calm fears of a banking crisis. As a result, traders in bitcoin, gold and equity markets will be closely watching this week’s Federal Reserve meeting and watching to see what policy steps the central bank takes to address the current financial stability issues.
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