Prominent crypto analyst shares reasons why Bitcoin price spiked yesterday
Per the analyst, the supplementary drivers of the Bitcoin price this time included theAside from that, Bitcoin benefited from the employment report coming in"with a massive miss on the downside" and the consumer confidence index staying at the lowest level in a while compared to its numbers during a recession.
As a reaction to these factors, the U.S. dollar dropped, yields went down slightly, and gold and silver prices went up. Earlier, Poppe tweeted that gold and Bitcoin are currently moving alongside each other. He believes that should the gold price begin to move upward, Bitcoin may go level with it and then outperform it."Era of safe haven assets is among us"
The analyst reminded his X audience that when the first gold ETF was launched in 2003, the gold price skyrocketed. Besides, it was the time when this precious metal turned into a hedge. Now, it may be Bitcoin's turn to take gold's place, Poppe wrote.
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