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Gold on Track for Biggest Weekly Drop in 7-Years, Acting As A Better Safe Haven tha

[color=rgba(0, 0, 0, 0.85)] Bitcoin already jumped 42% from the $3,850 low[/color]
[color=rgba(0, 0, 0, 0.85)]  “Max pain probably resides somewhere between $6,000 to $7,000” – Arthur Hayes[/color]
[color=rgba(0, 0, 0, 0.85)]  “If gold’s being sold to raise cash in an emergency, then it is doing its job as a safe haven” – Brien Lundin[/color]

[color=rgba(0, 0, 0, 0.85)]A day before the market went into a full-on panic mode because of Bitcoin price crashing nearly 45%, BitMEX CEO Arthur Hayes published a regular note on March 12th on his exchange where he talks about how despite trading below $8,000 Bitcoin outperformed most global equity indices in 2020.[/color]

[color=rgba(0, 0, 0, 0.85)]But not anymore. The world’s leading cryptocurrency is down almost 30% on yearly basis trading around $5,230 after going to $3,850 on Bitstamp and further lower at $3,600 on BitMEX.[/color]

[color=rgba(0, 0, 0, 0.85)]However, Hayes believes that we won’t be revisiting $3,000, which we didn’t do exactly, but “max pain probably resides somewhere between $6,000 to $7,000 Bitcoin.” Hays also noted that during these times any crypto hedge fund will be getting distress calls and dumping coins into a falling market which will only push the price lower.[/color]