Bitcoin has soared for three consecutive days, approaching $1,000, and gold has been ruthlessly abandoned!

Global stock markets were trading light before Christmas, and gold and crude oil were weak and consolidated at low levels. However, the market has been dominated by Bitcoin in recent days. Bitcoin surged for the third consecutive day. After breaking through the $800 mark yesterday, the price of Bitcoin broke through the $900 mark today (Friday).

On Friday, the price of Bitcoin soared on major trading platforms. Several major domestic exchanges including OKCoin, Huobi, and BTCCC all set a new high in the price of the currency in three years.

In less than three days, the dollar-denominated bitcoin has risen by more than 14%: today's highest intraday increase was close to 6%, and trading volume also increased, which is the first time since December 2013.

At the same time, the price of Bitcoin denominated in RMB was refreshed to 6,500 yuan, just one step away from its historical high.

Since falling below $400 in January 2016, the price of bitcoin has more than doubled. There were big jumps in May and October this year, and the price has been rising steadily in recent months.

Since falling below $400 in January 2016, the price of bitcoin has more than doubled. There were big jumps in May and October this year, and the price has been rising steadily in recent months.

Some analysts pointed out that the rise in Bitcoin prices was mainly due to investors' demand for safe-haven assets as the world economy experienced drastic political changes.

Bitcoin as an asset itself does fluctuate dramatically, but it has a low correlation with other markets, so when the value of other assets falls, the investment value of Bitcoin becomes apparent.

Since 2016, Bitcoin trading in China has also been very popular, which has also pushed up prices to a certain extent. Earlier, Tencent Prism quoted Huobi COO Zhu Jiawei as saying that when the RMB exchange rate fluctuates, investors will consider allocating some hedging and safe-haven assets, especially assets that are weakly correlated or negatively correlated with the RMB exchange rate, such as the US dollar, gold, and Bitcoin.

However, the RMB has been moving steadily recently. Today, the central parity rate of RMB against the US dollar was 6.9463, approaching the 7.0 mark.

In 2014, the central bank issued the "Notice on Further Strengthening Bitcoin Risk Prevention Work", reiterating its attitude towards Bitcoin, pointing out Bitcoin's characteristics such as anonymity and convenient cross-border circulation, and requiring financial institutions to include Bitcoin in anti-money laundering monitoring.

Gold is sad

Bitcoin is a virtual currency that can be traded privately through proprietary trading platforms or even emails. Since the beginning of this year, the price of Bitcoin has soared by more than 135%, and if it is priced in RMB, it will be even more amazing. At the beginning of the year, the lowest price of Bitcoin was only 2,351 RMB, and today (23rd) it has approached the 6,500 RMB mark.

Chinese investors are the driving force behind the surge in Bitcoin prices, with the trading volume of the three major Bitcoin exchanges in the mainland accounting for 90% of the global total.

Market analysts point out that Chinese investors are increasing their investment in Bitcoin in order to hedge against the depreciation of the RMB. In addition, the uncertainty brought about by Trump's victory in the US election and the European election season will also take place next year, which has also led to global funds pouring into the Bitcoin market.

Market analysts point out that Chinese investors are increasing their investment in Bitcoin in order to hedge against the depreciation of the RMB. In addition, the uncertainty brought about by Trump's victory in the US election and the European election season will also take place next year, which has also led to global funds pouring into the Bitcoin market.

In fact, gold, which was once very popular, has now become a nightmare. Under the strong pressure of the US stock market and the US dollar, even though a series of terrorist attacks occurred in Europe recently, the price of gold only rebounded slightly before continuing to be sold. Not only did gold futures fall for the second consecutive day, but even gold ETF investors rushed to flee.

According to Bloomberg, holdings of SPDR Gold Trust, the world's largest gold ETF, have fallen for 29 consecutive trading days, setting a record for the longest reduction in 12 years, falling to about 1,787 tons. The last time the gold ETF increased its holdings was when Hillary admitted defeat. So far, the gold ETF has been cut by more than 11%.

To make matters worse, after the Federal Reserve announced an interest rate hike last week and hinted that it would raise interest rates three times next year, gold prices fell further and the $1,000 mark was in jeopardy.