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Cryptocurrency Market News: Bitcoin and gold correlation hits record high as billions wiped off in fresh crypto selloffs

Markets:

BTC/USD is exploring levels closer to $11,000 following a consistent downtrend from highs traded on Monday at $12,084. An intraday low has been traded at $11,223 but BTC/USD is exchanging hands at $11,289. As discussed on Tuesday, Bitcoin suffered more declines due to the formation of a rising triangle pattern. Support at $11,100 has been confirmed but bearish forces are still giving buyers a hard time sustaining the price above $11,200.

ETH/USD is also dealing with increased selling activities. From an opening value of $378, Ether is exchanging hands at $371. Support has been established at $370 and glancing upwards, ETH/USD will encounter resistance at $380 in the push for gains eyeing $400.

XRP/USD, on the other hand, has lost 2.23% of its value on the day to trade at $0.2762. The fourth-largest cryptocurrency continues to explore the rabbit hole considering the rejection it suffered at $0.2350 in the first week of August.

The majority of cryptoassets in the market are in the red accept for some selected altcoins that are ignoring the bearish wave to post gains. Over the last 24 hours, DeFi projects have performed incredibly well. For instance, Maker is up 13.60%, Aave up 11.91% and Compound up 24.40%.

Chart Of The Day: BTC/USD 4-hour

BTC/USD price chart

Market:

Bitcoin price has been trending lower this week but its correlation to the precious metal, gold has surged massively to hit all-time highs. The correlation is measured between BTC and XAU over a monthly average. The latest metric shows that the rate has hit a record-breaking high of 70% even overdoing the peaks seen in the Q4 2018 and the Q2 2019 as per the data shared by analysis platform Skew Analytics.

fxsoriginal

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