Gold Rebounds More Than 15% Against Bitcoin In Crypto “Hash Crash”

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For nearly a year now, the digital gold narrative has been a smash hit. It has prompted a tidal wave of capital from the gold market to enter Bitcoin and other cryptocurrencies. But over the weekend, the crypto market “hash crash” caused the precious metal to rebound by 17% against Bitcoin. In the past, reversals of such nature were sustainable. The crash might also have further implications, damaging the reputation of the digital gold narrative. Bitcoin Digital Gold Narrative Tarnished In Crypto Market “Hash Crash” Bitcoin has been unstoppable. The ultra-hot cryptocurrency climbed from under $4,000 on Black Thursday last year to the recent Coinbase Global listing high around $60,000 more than that. A perfect storm of sudden acceptance and adoption in the finance industry along with inflation fears and the digital gold marketing message, has proven to be pure magic. The fact that coins can be moved across thin…

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