In a previous post I put up the following chart depicting the recent major divergence between Bitcoin and GDX (gold miner index) and that if recent history is a guide for the future, we should see Bitcoin and GDX converge.
So what has happened since then?…
- Bitcoin is down 20% from the recent peak as of now (probably due to rumblings out of China about curving chinese “Bitcoin speculation”).
- GDX is up about 14% since the recent low, following the rise in gold.
What happens next is anyones guess. Boths assets should have more room for continued convergence.