Online gold sales surged as bitcoin tumbles

Is bitcoin making gold great again?

On Tuesday, online gold coin sales at one of the Europe’s biggest bullion dealers surged five-fold as bitcoin experienced its biggest selloff in a month.

According to director Daniel Marburger in Frankfurt, Germany, the company sold 30 kilograms, or roughly $1.2 million, of gold. The yellow metal is presently trading at around $1,300 per ounce, and advanced around 10 percent in 2017.

Meanwhile, the peer-to-peer decentralized virtual currency plummeted 23 percent on Tuesday, close to the key $10,000 mark. In the last few days, approximately $300 billion has been wiped off from the global market for digital assets.

One bitcoin can purchase roughly 10 one-ounce gold coins.

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