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To derive such global statements from one day's price movements is quite daring.
Gold also fell on the day of the 0.5% interest rate cut, although it should have risen. It did in the days that followed. So...?
Gold also fell on the day of the 0.5% interest rate cut, although it should have risen. It did in the days that followed. So...?
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@Epi the statement that Bitcoin is not yet perceived as a "safe haven" is not only due to yesterday's price behavior :)
Of course I agree with you that nothing can be deduced from one day.
The fact that Bitcoin tends to be sold off more strongly during such events, especially when the exchanges are closed, has been observed for some time now
Of course I agree with you that nothing can be deduced from one day.
The fact that Bitcoin tends to be sold off more strongly during such events, especially when the exchanges are closed, has been observed for some time now
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•1Mes
@stefan_21 I think it depends a lot on what this safe haven consists of. What is it supposed to protect against? I think that if it is the long-term devaluation of monetary values, then BTC can be seen as a safe haven that works.
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•@Epi Yes, in events like yesterday, people move out of "risk-on assets" and into "safe havens" such as defensive equities, bonds and gold. Initially, however, everything usually falls. When people panic, they sell their assets and go for cash. At least that's how I would interpret it :)
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•1Mes
@stefan_21 Yes, that's how it is when there is a liquidity bottleneck. Then everything has to go. But that happens very rarely and then the shit hits the fan. Yesterday was a relatively manageable and normal risk-off move. Gold, bonds and defensive stocks did well. When the situation calms down a little, prices fall back quickly, see emerging markets, for example.
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