by Stephen Flood
GoldCore
For the last two weeks, cryptos were down and gold was up. This has been the case in just 4 of the 17 weeks since January 1, 2021. It’s really a time to think, is this the endgame for cryptocurrencies? However, Gold peaked on August 6, 2020, and is down 14% percent to US$1784.15 per ounce on April 27, 2021. Over this same time, bitcoin rallied 363%. Bitcoin has greatly benefited from great social media hyping. The biggest hyper is Elon Musk whose Tesla Company sold some of its bitcoin holdings last month but told no one until this week. The hype has been strong. So strong that it has drawn money from metals into crypto.
Bitcoin sales by Tesla grabbed headlines but is not the only crypto warning sign in the past 7 days. The government of Turkey has banned cryptocurrency as a payment of services in the country.