The crypto crash earlier this week sparked a run to gold.
Regulatory concerns set off the panic. Bitcoin fell below $10,000 for a time, and other cryptocurrencies saw precipitous drops. Crypto markets appeared to have stabilized Thursday morning, with Bitcoin back up over $11,000.
The sudden plunge served as a reminder of the extreme volatility in the cryptocurrency markets. Bitcoin has seen swings of $10,000 over the last three months. As Bitcoin’s price fell through the floor this week, some investors sought out the stability and historical safe haven of gold.
Frankfurt, Germany, based CoinInvest director Daniel Marburger told Bloomberg his gold coin sales increased five-fold as cryptos tumbled. He said his company sold almost 30 kilograms of gold, worth $1.2 million on the spot market as Bitcoin plummeted on Tuesday.
Read more: Crypto Crash Sparks Rush into Gold
via Peter Schiff