The head of the trading Department of the firm Oanda Steven Innes is convinced that a further decline of bitcoin to $3000 will lead to a substantial increase in the price of gold, reports The Times of India.
“The game is still a lot of people. If bitcoin collapses, if we see a movement in the direction of $3000, people will massively go out. The price of gold will increase significantly, we can already notice an inverse correlation between gold and digital assets”, — said Ann.
However, if we evaluate the dynamics of gold in 2011, the value of an ounce has gradually declined from $1900 to $1220 (was 35.5%). The price of bitcoin over the past seven years increased by 12 500%. At the same time, no inverse correlation for 2018 assets are not showed because they are more likely to have no effect on each other.
Data TradingView
Data TradingView
Meanwhile, the price of bitcoin fell below $4,000, reaching the value of September 2017.
Bitstamp Data
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