In its 22-page Weekly Update published on the 9th of January, the company says that Bitcoin’s 7-day average shot up by 126% in 2020’s first week. Specifically, Arcane Research says that on the 8th of January, one day before the publication, nearly $1.5 billion was traded. This is a giant leap forward, considering that only $192 million was traded on Jan 1.
Arcane Research also points out the price movement between both gold and Bitcoin. When Soleimani’s death was announced and fears began to spread, the price of gold jumped, but so did Bitcoin, almost hitting $8,500. Gold has always been seen as a safe haven and hedge so its rise was probably not as surprising as that of Bitcoin.
Image Credits: Pixabay
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