PANews reported on November 7 that according to CoinDesk, TradingView data showed that after the pro-cryptocurrency Republican candidate Trump won the US presidential election, the exchange rate of Bitcoin to gold (the ratio between the price of Bitcoin and the price of gold per ounce) soared 12% on Wednesday, the largest single-day increase since February 28, 2022. More importantly, the surge in the ratio confirmed the end of the eight-month downward trend, which was determined by the trend line connecting the March and June highs. This breakthrough suggests that Bitcoin's performance relative to gold will improve again, partly because investors are reallocating funds from gold to Bitcoin.
Noelle Acheson, author of the Crypto Is Macro Now newsletter, said: “By analyzing the Bitcoin to Gold ratio, we can see that the downward trend since March that showed gold outperforming is starting to reverse. Globally, investors will increasingly focus on hedging against currency depreciation and taking advantage of the Trump market, both of which are good for Bitcoin.”
