Gold price has been spiking since the start of the new year, rising from $1,559 per ounce, up to around $1,571 per ounce. The asset has been less volatile in comparison to crypto assets, and its gains have been far more conservative. Gold may also move more dramatically on the scale of decades, as it tracks higher nominal prices across asset classes. The recent slide from the recent peak is still small, as gold price only decreased to around $1,159. The prices calmed down as US President Donald Trump gave hopes of renegotiating the 2015 nuclear deal with Iran. The Iranian regime announced it would stop honoring the deal after a military strike killed army general, Qassem Soleimani. Bitcoin Retests Resistance at $7,900 During the last days of geopolitical tension, BTC market prices started testing new resistance levels around $7,900. BTC briefly touched prices close to $8,000 again, but retreated to $7,387.67 as volumes expanded to above $25 billion in the past day. The relationship between BTC and gold price remains uncertain as gold is the older and more traditional asset class, and attracts a different type of investor. In the meantime, stock markets remain relatively flat, with NASDAQ above 9,000 points again. With a swiftly changing situation, asset classes may remain volatile, and it is difficult to predict which direction the prices will take. Crude oil is around $62.65, gradually rising from lows of $53 a few months ago. The price swing for BTC revealed that 2020 may be a dynamic year for the crypto space. With well-established futures and options markets, BTC is more equipped to react with or against mainstream assets. What do you think about gold price performance? Share your thoughts in the comments section below!
Images via Shutterstock, Twitter @AntoniNexo The post appeared first on Bitcoinist.com.
TheBitcoinNews.com is here for you 24/7 to keep you informed on everything crypto. Like what we do? Tip us some BATSend Tip now!