Experts: Gold outflows are pushing Bitcoin higher

Cointelegraph

Published Jan 09, 2021 02:27PM ET

Updated Jan 10, 2021 05:00PM ET

According to multiple experts, one possible reason for Bitcoin’s remarkable recent price rise are massive investor outflows from another popular inflation hedge: gold.

Spot gold swooned over the past week, falling 4.62% to $1,857. The asset previously had been surging in unison with Bitcoin, which is up over 40% from $28,000 lows last week.

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