Bitcoin and Gold charts are looking very similar this morning. Hedge funds are still holding back and protecting themselves from major losses.
You can see the drop in the markets. In the Bitcoin chart above.
Here’s the Gold chart. You can see the drop appears even more violent than the Bitcoin price vs USD.
Coronavirus is having a huge effect on the markets, that includes pensions and even savings. Interest rates are going to be dropped even further I think, we could even get into negative interest rates.
Bitcoin and Gold consumer spending
The measures both the UK government and the USA government are taking to try and stimulate economies only really work when people are spending money. This crisis means that the things they normally try like dropping interest rates, quantitative easing and other stimulants simply won’t work.
The only sign of any retrace from these drops is USDJPY where the dollar is dropping against the yen.
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