Bitcoin Dives Below $80K as Gold and US Dollar Fall
Bitcoin's price slipped below $80,000 on Tuesday as it fell into Wall Street's open trading hours. This comes as gold also declined, along with the US dollar, despite US equities gaining ground.
The $80,000 zone has proven difficult for Bitcoin to reclaim as a support level, and this downward trend was seen across both Bitcoin and gold. The price of gold fell nearly 2% on the day, reaching local lows of $4,605 per ounce.
US stocks have been moving inversely to gold and crypto in recent weeks, with the S&P 500 and Nasdaq Composite Index posting modest daily gains of 0.2% and 0.5%, respectively. This divergence has continued this week, despite a brewing trade-tariff spat between the US and Canada.
The comparative strength of US stocks appears to be brushing off the tensions in trade negotiations. The US government bond yields have also cooled on the day, with 30-year yields dropping below 5.2% and eyeing their lowest levels since August 7.