Lưu trữ cho từ khóa: Gold

Bitcoin

Gold hits new all-time-high at $2,700 amidst bullish Bitcoin

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Gold has gone up more than 2% in the past week, reaching a new all-time high fueled by global demand for safe-haven assets and anticipated interest rate cuts from major central banks, while Bitcoin continues to climb above $67,000.

According to Trading Economics data, the price of gold has hiked up to $2,700 per ounce on Oct. 18, reaching a new record high. In the past week, gold has gone up by 2.08% and nearly 5% in the past month.

This rise in gold is driven by growing demand for safe-haven assets and expected interest rate cuts by major central banks. The European Central Bank has cut rates for the third time this year, lowering the deposit rate to 3.25%.

Gold is also influenced by the ongoing war in the Middle East, following the Israeli military’s confirmation on Oct. 17 that they killed Hamas leader Yahya Sinwar, raising fears of a regional escalation.

Meanwhile, Bitcoin(BTC) has experienced a similar high-rise, with the BTC price on a positive trend since Oct. 10. According to data from crypto.news, Bitcoin experienced an 11% surge over the past week and briefly touched a two-month high of $68,375 on Oct. 16.

Co-founder of crypto asset manager Capriole Investments, Charles Edwards, commented on the similarity between Gold and Bitcoin’s upward trend.

“As a rough rule of thumb, macro Bitcoin trends are often lagged behind gold by a few months. Looks promising,” said Edwards on his X post.

In recent years, investors have drawn similarities between Gold and Bitcoin’s price movements in the markets. This comparison is mainly due to the fact that both assets are finite in supply and are not tied to any country’s currency, therefore they provide investors with a “safe-haven” that protects them from the volatility of national currencies.

Thus, Bitcoin itself has repeatedly been dubbed “digital gold”, but now a real-world assets platform Swarm Market has made it possible to mint and trade physical gold on the Bitcoin blockchain via the Ordinals protocol.

On Oct. 17, Swarm Market announced a partnership with OrdinalsBot where individual satoshis can be inscribed with unique gold kilobar serial numbers, which would allow for gold bars to be traded on Bitcoin’s Ordinals protocol.

Through this partnership, Gold will be the first RWA available on Trio, a marketplace developed by OrdinalsBot which is set to launch by the end of the year.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Bitcoin

CoinGecko: Major asset classes outperformed Bitcoin in Q3

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Bitcoin ended Q3 with a modest 0.8% price increase, overshadowed by gold’s significant 13.8% rise, fueled by concerns about the economy and global tensions.

As global uncertainties loom, investors are turning to safe havens for stability, leaving Bitcoin (BTC) trailing with a modest 0.8% price increase in Q3 2024, according to data compiled by crypto price aggregator CoinGecko. For comparison, major assets like gold surged 13.8% amid growing fears of an economic slowdown in the U.S. and escalating tensions in the Middle East.

Bitcoin’s price performance in Q3 2024 vs. traditional assets | Source: CoinGecko

Moreover, even the Japanese Yen demonstrated strong performance, climbing 12.0% after the Bank of Japan’s surprise rate hike alongside rate cuts by the Federal Reserve. In contrast, Bitcoin outperformed only crude oil and the U.S. Dollar Index, as all major fiat currencies gained against the dollar, reflecting shifting market dynamics amid fears of weakening demand and monetary policy adjustments.

Bitcoin’s modest gains lead to decline in trading volumes

While Bitcoin posted modest gains, the top ten centralized crypto exchanges reported a combined spot trading volume of $3.05 trillion, reflecting a nearly 15% decline quarter-on-quarter. Despite this downturn, Binance retained its status as the largest CEX, although its market share slipped below 40% for the first time since January 2022, ending September at 38%.

Crypto.com emerged as the second-largest CEX, leaping from ninth place in Q2, with a remarkable 160.8% growth in trading volume, capturing a 14.4% market share. Meanwhile, OKX and Gate.io struggled, each experiencing trading volume declines exceeding 30%. U.S.-based crypto exchange Coinbase also faced challenges, with a 23.8% drop in trading volumes, resulting in a fall from sixth to tenth place among the top exchanges.

Despite the market’s modest gains in Q3, analysts at CoinGecko noted that Bitcoin increased its dominance to 53.6%, a rise of 2.7% quarter-on-quarter, adding that the “last time BTC was able to achieve such dominance was in April 2021.”

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Phân tích

Gold looks more attractive than Bitcoin in hard times

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Gold’s lower volatility than Bitcoin gives it an edge when the markets wander in uncertainty, Maruf Yusupov, co-founder of the gold-backed stablecoin Deenar, told crypto.news.

“The reasons for this Bitcoin trend are not far-fetched and are hinged on the uncertainty surrounding the potential Interest Rate cut from the US Federal Reserve.”

Yusupov added.

The fall of the Bitcoin (BTC) price below the $60,000 mark on Sept. 15 triggered fears of another downfall among investors. Meanwhile, gold’s steady upward momentum made it a better investment alternative since “investors are still cautious of general uncertainty,” Yusupov says.

Gold recorded a 0.04% over the past day and is trading at $2,584 at the reporting time, per data from Trading Economics. The asset even reached an all-time high of $2,589 yesterday while Bitcoin was struggling around the $58,000 zone — down by 22% from its ATH of $73,750.

“The limited volatility of Gold has made it an attractive alternative in the push to hedge against the underlying uncertainty.”

Yusupov said.

Per a crypto.news report, spot BTC exchange-traded funds surpassed the $61 billion mark in terms of total assets under management, reaching 25% of the gold ETF AUM’s $257 billion in six months.

Notably, the recent market-wide turmoil and mixed sentiment toward the U.S. Fed rate cut brought increased outflows, with BlackRock surprisingly joining the outflow trend. 

“Though it is too soon to claim that traditional investors are moving toward gold, the market data generally favors this theory.”

Yusupov argues.

Bitcoin recorded a 0.24% dip in the past 24 hours and is trading at $58,500 at the time of writing. The cryptocurrency market cap declined by 1.2% and is currently sitting at $2.13 trillion, according to CoinGecko.

BTC price – Sept. 17 | Source: crypto.news

The downward momentum comes amid mixed reactions toward the expectations of a 50 basis point rate cut by the U.S. Fed.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News