CoinDesk Specialist Omkar Godbowle said that gold continues to rise in value amid concerns about a possible recession in the United States. According to him, fiat and cryptocurrencies have started a bearish trend because of this, although Bitcoin is trying to stay above 8 thousand dollars.
Gold is better than Bitcoin in recession – A similar opinion was expressed by specialists from the Institute for Supply Management. Last month, the business activity index of American companies fell to a minimum over 10 years. According to experts, it is worth worrying after the descent to 50 points, but in fact the values sank even more.
It is noteworthy that the Russian PMI against the background of such data rose to 53.6 points. European companies also decreased their business activity, catching up with the values of June 2013. Experts have also published a number of simple theses that may affect the cryptocurrency market: a recession with a 40 percent probability in the United States since the beginning of next year; decrease in bond yields next year by at least 10 percent.
The cost of gold since the beginning of last month has grown by about $ 40, which indicates a decrease in the correlation between bitcoin and precious metal. The main cryptocurrency is trying to raise the price tag, but can not break the barrier of 8.5 thousand dollars. Experts note that if the trend continues and a new triangle appears, another collapse can be expected in December.