Gold is known and a counterweight to currency. When currency price drops, gold grows in value. The situation with cryptocurrency has caused the same effect.
Europe based gold dealer CoinInvest sold on the 16th of January gold for more than 1 mln USD. Just within one day!
This week was extremely volatile and complicated for bitcoin and for other cryptocurrencies. Their prices have dropped, market capitalization decreased almost by 50%.
Bitcoin price dropped for more than 40%, just within one week! Other cryptocurrencies aren’t in a much better situation.
Such instability in cryptocurrency market has caused the growth of interest in more stable assets, such as gold. Gold sales and as a result, gold prices surged.