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Bitcoin sell-off likely played a key role in boosting gold's appeal

Published 06/08/2021, 01:30 PM
Updated 06/09/2021, 12:40 AM
Bitcoin sell-off likely played a key role in boosting gold's appeal
GLD
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TSLA
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May was a testing time for cryptocurrencies like Bitcoin (BTC). The flagship digital asset was already wobbling after rallying to nearly $65,000 in mid April, owing to profit-taking sentiment among traders.

Elon Musk accelerated the sell-off by reversing his company's plans to accept Bitcoin as payment for Tesla (NASDAQ:TSLA)'s electric cars.

Bitcoin is undergoing a sharp trend reversal on its monthly charts following May's crash. Source: BTCUSD on TradingView
Gold ETF (NYSE:GLD) flow chart. Source: WGC
Bitcoin (orange) trended inversely to gold (pink) so far into 2021. Source: TradingView

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