Connect with us

Hi, what are you looking for?

Business News

Bitcoin Now More Valuable Than Gold

The cost of a single Bitcoin rose above the cost of an ounce of gold for the first time on Thursday.

That trend held up Friday, with Bitcoin rising to $1,289.09 per unit while its fellow safe haven asset, gold, fell to $1,231.5 per ounce, based on March futures.

While their units of measurement are not comparable, the falling price of gold and rising price of bitcoin is still nonetheless, significant. Demand for gold, which investors flock to in times of uncertainty and volatility, has fallen since the election on a stronger dollar, signs of future interest rate hikes, and potentially business-friendly policies that may arise from the Trump administration. Those potential regulatory changes would raise the chances of higher-yielding stocks.

The more volatile digital currency, on the other hand, has recovered with from a plunge in January. That’s at least partially due to expectations that one (or more) of three proposals for a Bitcoin exchange traded fund may gain approval from the Securities and Exchange Commission, The Wall Street Journal reports.

__________

Follow us on Twitter at @thesignalng

Copyright 2017 SIGNAL. Permission to use portions of this article is granted provided appropriate credits are given to www.signalng.com and other relevant sources.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

Related

Business News

The prices of bitcoin and ether fell to six-month lows Monday morning, continuing a sell-off of major cryptocurrencies that has erased more than $1 trillion in value from...

Business News

The bitcoin dropped sharply overnight, losing $10,000 in value in a nervous market before recouping some of its losses Saturday morning. At one point...

Business News

Bitcoin plunged below $39,000 for the first time in more than three months Wednesday after China said cryptocurrencies would not be allowed in transactions...

News

Gold deposits have been discovered along the Abuja, Nasarawa axis through the National Integrated Mineral Exploration Project being undertaken by the Federal Ministry of...

Copyright ©