Bitcoin Fizzles Out Below $80K as Gold Prices Decline

Bitcoin's recent upside momentum has fizzled out as it fell below $80,000 into Tuesday's Wall Street open. The price of Bitcoin (BTC) dropped to as low as $78,111 on Bitstamp after reaching a new 14-week high of $81,265.

The $80,000 zone proved difficult for BTC to reclaim as US trading hours saw downside across both Bitcoin and gold. Gold prices also fell, dropping nearly 2% on the day to local lows of $4,605 per ounce.

The divergence between US stocks and gold/cryptos continued this week, with the S&P 500 and Nasdaq Composite Index posting modest daily gains of 0.2% and 0.5%, respectively. This comes despite a brewing trade-tariff spat between the US and Canada.