Gold sales increased during declines in the cryptocurrency market

Daniel Marburger, director of European online gold retailer CoinInvest, said the company sold about 30 kilograms of gold worth over $ 1 million in one day, January 16

This week was very unstable for Bitcoin and many other cryptocurrencies, and Bloomberg believes that investors are looking for more stable assets in the meantime. Bitcoin, like most other cryptocurrencies, suffered a meltdown by more than 40% on Tuesday, January 16, which lasted until January 18, potentially causing an increase in investment in gold.

"[Tuesday] was a crazy day," said Marburger, adding that "emails and phone calls from customers asking how they could turn a crypt into gold were endless."

Earlier, in December 2017, when cryptocurrency prices reached record levels, Larry McDonald, head of the American macro strategy at ACG Analytics, claimed in an interview with CNBC that investors abandoned gold to buy Bitcoin in November and December 2017.

"Cryptocurrencies definitely eat gold," said McDonald.

This inverse dynamics serves as another proof of the potential negative correlation between investors' interest in gold and cryptocurrencies.