Moneycontrol PRO
HomeNewsBusinessMarketsBitcoin now more valuable than gold, close to $1300 on ETF talk

Bitcoin now more valuable than gold, close to $1300 on ETF talk

The per-ounce spot price for gold was at around USD 1,227 in overnight trading. Compared to gold, bitcoin's price is at USD 1,282 as per BPI, during the filing of this report.

August 05, 2017 / 21:53 IST
-
Open Trading A/c
-
0 (0%)
Todays L/H
0
0

What many have termed as virtual gold in the past is now worth more than the actual yellow metal itself.

Bitcoin, now trading at all time high, has overtaken the per-ounce spot price of gold, as per the CoinDesk Bitcoin Price Index (BPI) and XAU/USD index.

The per-ounce spot price for gold was at around USD 1,227 in overnight trading. Compared to gold, bitcoin's price is at USD 1,282 as per BPI, during the filing of this report.

After breaching the USD 1,000 mark the cryptocurrency has been touching new all-time highs since the past three trading sessions and is now close to breaching the USD 1,300 mark.

The volatile currency, which fell from a high of over USD 1,100 to below USD 800 in January, has been enjoying its longest stretch above USD 1,000 since its inception back in 2008.

Bitcoin has gained momentum on the hopes that American entrepreneurs Cameron and Tyler Winklevoss will receive a green signal from the US government to create the first bitcoin exchange-traded fund (ETF).

The Winklevoss twins are expected to receive a final decision on from the US Securities and Exchange Commission (SEC) on the listing of their ETF on March 11, 2017.

On the other hand, the most popular safe haven investment, gold, is now headed for its worst week since December 2016 on the expectation of a US rate hike in March.

Earlier this month, US Federal Reserve chair Janet Yellen said that the central bank expects to raise interest rates gradually this year.

Though bitcoins may be more valuable than gold at the moment but saying that it is the new safe haven investment might be premature.

Volatility and acceptability as a currency remains a major concern for bitcoin.

Also, if the Wiklevoss twins fail to establish their ETF, the price is expected to fall.

Read more: Bitcoin hits record $1200 high: Here's the outlook ahead

Saurabh Agrawal, CEO and Co-founder, Zebpay, told Moneycontrol News that if the ETF issue gets postponed or is not approved, there will be a minor correction in prices -- consolidation towards the USD 1000-1100 level. He added that it would remain largely rangebound for a couple of weeks.

1 ounce= 28.3495 gram

Sidhartha Shukla
first published: Mar 3, 2017 04:07 pm

Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Advertisement

Crypto Basket
Powered By Mudrex

Bitcoin
Current Price ₹ 10,123,847.00 1D returns 0.59%
Buy Now
Ethereum
Current Price ₹ 368,779.86 1D returns 1.03%
Buy Now
BNB
Current Price ₹ 103,183.80 1D returns -0.27%
Buy Now
Ripple
Current Price ₹ 223.22 1D returns -0.02%
Buy Now
Solana
Current Price ₹ 17,762.24 1D returns 1.55%
Buy Now
USD Coin
Current Price ₹ 93.97 1D returns 0.02%
Buy Now
DeFi Tracker
1W returns-3.36%
Invest Now
AI Tracker
1W returns-3.65%
Invest Now
BTC 50 :: ETH 50
1W returns-5.99%
Invest Now
Crypto Blue Chip - 5
1W returns-6.98%
Invest Now
Web3 Tracker
1W returns-7.35%
Invest Now

Subscribe to Tech Newsletters

  • On Saturdays

    Find the best of Al News in one place, specially curated for you every weekend.

  • Daily-Weekdays

    Stay on top of the latest tech trends and biggest startup news.

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347