With a law, India plans lasting ban on cryptos

Bitcoin is again acting like a macro asset, drawing bids amid a record rally in gold and a broad-based sell-off in the U.S. dollar.

At the time of writing, the cryptocurrency is trading at $11,624.63, representing a 3% gain on the day.

Gold is trading at a record high of $2,040 per ounce, having surpassed the $2,000 mark on Tuesday.
Investors are flocking to gold on sinking inflation-adjusted bond yields and a weaker U.S. dollar, as noted by macro analyst Holger Zschaepitz.
The U.S. 10-year bond, when adjusted for inflation, currently offers a yield of -1%.
The dollar index, which tracks the value of the greenback against majors, recently reached a 26-month low of 92.55, according to data source TradingView.
Gold and bitcoin exchange-traded funds have seen strong inflows over the past five months on the growing demand for an “alternative” currency, according to JPMorgan Chase & Co. download-1-57
Bitcoin and gold have recently rallied in tandem with the dollar losing ground across the board.
As gold rose from $1,800 to $1,980 in the 11 days to July 28, bitcoin jumped from $9,100 to $12,100 and the U.S. dollar took a beating against other fiat currencies.
As such, some analysts are convinced that bitcoin is now more of a macro asset, meaning it responds to large-scale events in the world’s economies.
Gold and bitcoin could continue to rise as governments and central banks are unlikely to slow or halt liquidity-boosting programs launched this year to counter the coronavirus-induced recession.
Bitcoin may see stronger gains in the future, as it looks relatively cheap with prices still down 43% from the record high of $20,000 reached in December 2017.
The cryptocurrency has gained nearly 60% so far this year, while gold has risen by 34%.