On Aug. 2, the total crypto market capitalization dropped from about $359 billion to $310 billion within a few minutes of Bitcoin's (BTC) price surging above the $12,000 mark. A fall of such magnitude usually drives away the bulls, or at least keeps them at bay, until the market stabilizes — but that is not what happened. The bulls aggressively purchased the dips, which led to a sharp recovery, suggesting that the sentiment is bullish and traders expect the rally to continue in the next few days. Daily cryptocurrency market performance. Source: Coin360 Meanwhile, Goldman Sachs is bullish on gold …

Economists are divided on the consequences of record low interest rates across the globe and the incessant money printing by the central banks. However, one thing that most experts agree upon is that investors should get out of paper money and invest in hard assets. Gold has been the traditional safe haven asset which is preferred by institutional investors looking to hedge their portfolio or protect their purchasing power. However, in this digital age, crypto enthusiasts believe that Bitcoin (BTC) is a better bet than gold. Fidelity Digital Assets believes that the “decentralized settlement network and its digitally scarce native …

Bitcoin (BTC) trading volumes in spot and derivatives markets have been surging since the digital asset rallied above the $10,000 level earlier this week. Bakkt reported record Bitcoin futures volume on July 28 and 29, which indicates that the traders who had been waiting for a trending move to start have established fresh positions. A similar volume increase was seen in the Chicago Mercantile Exchange (CME) and the other crypto exchanges that offer futures trading. A breakout that is followed by an increase in activity and higher open interest is usually a positive sign as it shows that the traders …

Gold made a new lifetime high today, eclipsing the previous high made in 2011. This is possibly the result of investors buying the asset as a way to hedge against the possible debasing of fiat currencies due to the huge stimulus packages announced by various central banks around the world. To date, gold has rallied just over 26% under very favorable circumstances, while Bitcoin (BTC) is up about 50% even when it has been out of favor among investors. This shows that the relatively new asset is braving its first crisis since formation and outperforming traditional safe havens with ease. …

Bitcoin (BTC) has covered a considerable amount of ground over the past few years. Initially considered as an asset mostly used for unlawful activities, it has finally received the approval of the Office of the Comptroller of the Currency. This means banks in the U.S. will now be able to provide crypto custody services to their clients. This move could further encourage institutional investors to enter the crypto space because they are likely to trust their banks more than the other custody services on offer. However, funds are unlikely to start flowing immediately as institutions are known to tread cautiously. …

Since March central banks have been printing money aggressively in order to combat the economic downturn brought about by the coronavirus pandemic. Philip Lowe, the governor of the Australian Reserve Bank, has warned against the consequences of unlimited monetary expansion. Lowe said that “there is no free lunch,” and somebody always has to pay for the money printing “in one form or the other.” The European Union has also agreed on a massive recovery fund of about $857 billion to buoy the social and economic crisis caused due to the coronavirus pandemic. In response, gold again broke out to a …

Gold continues to trade near its nine-year highs as investors hedge their portfolio against a possible devaluation of the U.S. dollar due to the expansive monetary policy of the Federal Reserve. Bitcoin (BTC), which has long been forecast as digital gold, is not finding favor among investors as it remains highly correlated with the U.S. equity markets. However, Binance CEO Changpeng Zhao believes that over the long-term, the top-ranked asset on CoinMarketCap will again start behaving as a safe haven asset. Daily cryptocurrency market performance. Source: Coin360 One possible reason for investors’ aversion to Bitcoin as a safe haven could …

Grayscale Investments recent Q2 report shows that the firm took in $905 million into Bitcoin (BTC) and other altcoins. In Q1 of this year, the inflow into various Grayscale products was $503.7 million. The sharp increase in investments indicates that the institutional investors are building positions when the price of the top-ranked asset on CoinMarketCap is stuck in a range as they expect it to rise in the future. Daily cryptocurrency market performance. Source: Coin360 However, in the short-term, the U.S. Federal Reserve’s policy actions might dictate the next directional move. Although the economy is showing signs of recovery, several …

The People’s Bank of China (PBoC) is rumored to be working with food delivery giant Meituan Dianping and ride-hailing application DiDi to test the digital yuan. Currently, Meituan Dianping is estimated to have more than 435 million users. Video streaming platform, Bilibili, could also be the next to join the project. Although the PBoC has not committed to a specific launch date, the coronavirus pandemic seems to have accelerated the project. Following China’s progress on the central bank digital currency, Japan has also expedited its efforts to launch a digital yen. The Japanese government could add the development of the …

As the price of Bitcoin (BTC) has been slowly consolidating over the past few months, altcoins have been taking the spotlight. Recently, massive moves were made by Chainlink (LINK), Zilliqa (ZIL) and Elrond (ERD) and that’s just naming a few of the more popular altcoins. The latter of the three is an IEO (Initial Exchange Offering), meaning, investors’ eyes are automatically focused on Binance Coin (BNB), which has outperformed Bitcoin so far this month by roughly 17%. Moreover, if the price of Binance Coin starts to move, typically the IEO tokens typically follow suit. Crypto market daily performance. Source: TradingView …

Binance’s highly-anticipated cryptocurrency debit card, Binance Card, is officially debuting in countries of the European Economic Area, or EEA. Binance told Cointelegraph on July 14 that EEA-based users will be able to apply for a Binance Card starting in August. While the United Kingdom will follow in the near future, users in other regions are invited to “register their interest” via the Binance Card website, the firm said. As previously reported, Swipe is currently available in 31 countries within the EEA, including countries like France, Germany, Italy, and Spain, among others. Swipe is not yet available in the United States, …

The Nasdaq has regularly been making new highs for the past few days, which has resulted in a strong rally in a few technology companies. Along with this, a few stocks in the S&P 500 are also on a tear, pushing their valuations to astronomical levels. While the U.S. equity markets are on a strong footing, gold is not to be left behind. It has also risen to a nine-year high, which shows that assets that are perceived as risky and safe havens, both are rallying at the same time. Ultimately, this proves that an abundant money supply is finding …