As a seasoned crypto investor with a keen eye for market trends and a knack for navigating through financial storms, I find myself both intrigued and somewhat concerned by the recent decoupling of Bitcoin from gold. My life’s savings have been invested in a diverse portfolio that includes both digital currencies and traditional safe-havens like gold and silver.
According to data provided by CryptoQuant, Bitcoin has decoupled from gold.
Although Bitcoin’s price has significantly dropped since its all-time high in March, gold just reached a fresh record high, surging to approximately $2,800 per ounce today.
As an analyst, I’ve noticed a notable surge in the price of gold in recent times. This upward trend seems to be fueled by anticipation surrounding the anticipated interest rate cut by the U.S. Federal Reserve, which many experts predict will occur later in September.
Based on data from Polymarket, traders currently estimate a 36% probability for a potential 0.5 percentage point reduction in interest rates. However, it’s important to note that a 0.2 percentage point adjustment is still considered the most likely outcome at this time.
Notably, palladium has also reached a two-month high, surging to $1,050 per ounce.
Currently, Bitcoin has increased by approximately 1% in the last day and reached around $58,500. However, at this moment, it’s about 20.6% lower than its all-time high of $73,737.
As reported by CryptoQuant, a strong negative relationship has arisen in response to a cautious investment climate characterized by low-interest rates. In this context, the company observes that investors are increasingly favoring conventional secure investments such as gold.
A lucky day
Known financier Peter Schiff, often recognized for his skepticism towards Bitcoin, humorously pointed out that for gold investors, the traditionally unlucky day of Friday the 13th can bring good fortune, as gold reached a fresh all-time high on this particular date.
Schiff also gloated over Bitcoin’s underperformance, claiming that speculators are “out of luck.”
Just a few days ago, Schiff expressed his viewpoint that individuals planning to purchase Bitcoin in 2024 might be entering the market too late.
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2024-09-13 19:25