Nasdaq columnist Martin Tillier on Thursday interconnected dots between the recent financial events and Bitcoin value.
In his article, the foreign exchange veteran noted a lack of buying interest towards Gold among traders during the recent Chinese stock market crash. It was unusual for a commodity whose price used to rocket during these economical meltdowns. However, at the same time, another commodity was found breaking the tropospheres.
Bitcoin, whose value started to surge the same day when the Shanghai Composite Index’s collapse began, was reportedly stealing the gold’s thunder. By the time the Chinese market stabilized — after one month — Bitcoin was also stabilized, after rising around 30% in value. The gold’s value, during this time, was crawling sideways, with head toward bears.
A part of the surge in Bitcoin’s value was also credited to the Greece debt crisis. However, the reports were mostly speculative, for the BTC/EUR trade never showed any increased trading activities, and the Greeks themselves had no means to purchase the digital currency amid a well placed capital control.
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