Gold Hits New Record High While Bitcoin Remains Below Its Peak
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Recent data reveals that Bitcoin and gold have moved in opposite directions recently.
While Bitcoin’s price has dropped significantly since its peak in March, gold has surged to new highs, reaching $2,800 per ounce earlier today. This rally comes in anticipation of a U.S. Federal Reserve rate cut expected later in September.
Bitcoin has decoupled from gold, with prices dropping as gold hits record highs.
This negative correlation signals a risk-averse market, with investors leaning towards traditional safe-haven assets like gold. pic.twitter.com/Qewhmvq4jp
— CryptoQuant.com (@cryptoquant_com) September 13, 2024
Polymarket, a betting platform, suggests that traders are pricing in a 36% chance of a 50-basis point rate cut, though a smaller 20-basis point cut is still the most likely outcome.
In addition to gold’s rally, palladium has also seen gains, climbing to $1,050 per ounce, marking a two-month high. Meanwhile, Bitcoin has risen by 4% in the past 24 hours, hovering around $60,500.
It remains down 20.6% from its all-time high of $73,737. CryptoQuant attributes this divergence to a risk-averse environment driven by interest rate expectations, with investors favoring traditional safe-haven assets like gold.
Peter Schiff, a well-known critic of Bitcoin, sarcastically remarked that Friday the 13th was a fortunate day for gold investors, given its record performance. He also pointed out Bitcoin’s recent struggles, stating that speculators are “out of luck.” Earlier this week, Schiff commented that those planning to buy Bitcoin in 2024 are already “too late” to the game.
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