CoinVoice recently learned that according to CoinDesk, TradingView data showed that after the pro-cryptocurrency Republican candidate Trump won the US presidential election, the exchange rate of Bitcoin to gold (the ratio between the price of Bitcoin per ounce of gold) soared 12% on Wednesday, marking the largest single-day increase since February 28, 2022. More importantly, the surge in the ratio confirmed the end of the eight-month downtrend, which was determined by the trendline connecting the March and June highs. This breakthrough suggests that Bitcoin's performance relative to gold will improve again, partly because investors are reallocating funds from gold to Bitcoin.
Noelle Acheson, author of the Crypto Is Macro Now newsletter, said: "By analyzing the Bitcoin to Gold ratio, we can see that the downward trend since March that showed gold outperforming is beginning to reverse. Globally, investors will increasingly focus on hedging against currency depreciation and taking advantage of the Trump market, both of which are good for Bitcoin." [Original link]
