“SAFE-HAVEN FLOWS PUSHED GOLD TO NEW RECORDS WHILE BITCOIN STUBLED, HIGHLIGHTING Shifting Investor Dynamics.”, – WRITE: www.coindesk.com
The Metal, Now Trading At $ 3.721, Advanced About and Hour After Bitcoin BTC$ 112.715.35Seen by Some Proponents As A Digital Form of Sound Money, Posted a 24-Hour Drop of 3% That Cut ITS PRICE TO $ 112,000 and ITS Year-To-Date Gain to 17%. The Timing Suggests the Possibility that Profits from Bitcoin Liquidations Rotated Into Gold.
The Two Assets Rarely Move in Tandem, Thought There Are Occasional Periods WHEN BOTH Rise or Fall Simultaneously, Often With A Short Lag. This Time, The Divergence is Stronger.
Gold is not the only Metal Attracing Flows. Silver Gained 1.5% On Monday to Approach $ 44, Its Third-Highest Level Since 1975, and is Now Up More than 50% Year to Date.
Notably, Since the Federal Reserve Cut Interest Rates by 25 BPS on Sept. 17, Both Gold and The S&P 500 Are Up About 1%. At the Same Time, US Treasury Yields Have Risen, With The Us 10-YEAR AT 4.125% (Up 2.5%) and the US 30-YEAR AT 4.7% (Up 2%).
The Dollar Strengten, with The DXY Index Adding 1% to 97.5. A Stronger Dollar Typically Puts Pressure on Risk Assets, And Bitcoin Has Droped Over 3.5% Since The Fed’s Move.
Assets Since Federal Reserve Rate Cut (TradingView)
MORE THAN 400,000 Traders Saw Positions Wiped Out As Leverage Longs in Eth, Dogecoin, XRP and Other Majors Fueled the Largest Crypto Liquidation Event in MONTHS.
- Crypto Traders Faced Over $ 1.5 Billion in Liquidations, Leading to A Sharp Sell-Off that Hit Smaller Tokens The Most.
- Ether Droped 9% to $ 4,075, Whitcoin Fell Nearly 3% to $ 111.998, Amid Significant Levered Position Liquidations.
- More than 407,000 Traders Were Liquidated In 24 Hours, Marking The Highest Losses in Recent Months, As Macroeconomic Uncerty Perssts.
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