Bitcoin and gold price dropped as the US Dollar Index rallied, leading analysts to speculate whether a strong dollar will slow BTC’s momentum.
On Aug 21, Bitcoin (BTC) price declined by more than 3% from around $11,880 to $11,511 on Coinbase.
Gold price reached a new all-time high and the same factors behind its rally could also push Bitcoin price higher.
Today the price of gold hit a new record-high at $2,008 and the asset is now in the price discovery phase.
The precious metal appears to be rallying due to the declining US dollar and this could also positively affect Bitcoin (BTC) in the medium-term due to the correlation between the two assets.
Bitcoin vs Gold price movements.
Experts suggest that the current increase in the price of Bitcoin and gold might be driven by institutional investors who expect infinite quantitative easing (QE).
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