|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Bitcoin Stumbles as Central Banks Rush to Gold
Sep 02, 2024 at 06:05 pm
Bitcoin has remained intriguing this year, oscillating near $60,000 without being able to cross this critical threshold. Since its peak in March, the value of bitcoin has dropped by 22%, leaving investors wondering if it will ever resume its upward march.
Bitcoin’s price has remained below the key $60,000 mark despite bullish predictions and optimism from crypto proponents. This stagnation is concerning, especially considering the positive factors that could be driving the crypto's performance.
Meanwhile, central banks are showing a strong preference for accumulating gold, with a record 483 tons purchased in the first half of 2024. This preference for gold over Bitcoin is evident in the banks' strategies.
Despite Bitcoin's status as a top performer in 2024, with a 23% gain compared to gold's 23%, the flagship cryptocurrency has not been a primary focus for central banks.
This preference for gold could be due to its perception as a neutral and stable asset, especially amid growing distrust of traditional reserve assets like the dollar. Countries like Poland, India, and Turkey are notably increasing their gold reserves.
As Spencer Hakimian notes, "mistrust of Western assets" is driving these nations to adopt non-volatile and neutral assets like gold. This trend is also evident in the BRICS' plans to launch a stable crypto or gold-backed stablecoin.
However, Bitcoin, with its advantages, remains on the fringes of central bank strategies. As the crypto stalls at a key resistance level, experts speculate on an impending collapse or a dramatic rebound, leaving the next move of Bitcoin uncertain.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- ZetaChain Claim Guide for Future Billionaires!
- Sep 22, 2024 at 04:15 am
- Who is Eligible for ZetaChain Airdrop? Comprehensive Guide
-
- BlockDAG Emerges as a Top Contender in the Crypto Realm, Offering a Potential 1000x ROI Through Its TG Tap Miner Game
- Sep 22, 2024 at 04:15 am
- Amidst the waves made by Avalanche (AVAX) and TRON's strategic alliance with Tether, BlockDAG is swiftly rising as a top contender in the crypto realm.
-
- New Altcoin Rollblock Is Gaining Traction, Raising $3.7 Million in Presale and Challenging Dogecoin and XRP
- Sep 22, 2024 at 04:15 am
- Dogecoin and XRP used to hog all the headlines back in their respective salad days. But in 2024, a new altcoin contender is on the verge of replacing them.
-
- After strong gains, Solana and Binance Coin investors are eyeing Rollblock, seeking a potential 100x return in crypto
- Sep 22, 2024 at 04:15 am
- After raking in decent profits this year, Solana and Binance Coin investors are looking for the next best thing. They're in search of a token that
-
- dYdX (DYDX) Price Poised for Upswing, Eyes $3
- Sep 22, 2024 at 04:15 am
- dYdX (DYDX) is showing signs of an upward movement following recent market shifts, as it experienced a slight uptick in value.
-
- BlockDAG Testnet Maps Out the Road to 1000x ROI
- Sep 22, 2024 at 04:15 am
- BlockDAG's testnet launch is putting its technological prowess on full display, giving thousands of developers and enthusiasts an in-depth look
-
- BlockDAG Makes Headlines with a $73.7 Million Presale, Gearing Up for the Next Crypto Wave
- Sep 22, 2024 at 04:15 am
- As excitement builds in the cryptocurrency sector, BlockDAG, Neiro Ethereum, and Aptos are making headlines with their latest updates.
-
- Shiba Inu (SHIB) Could Soon Enjoy a Massive Rally as Several On-Chain Metrics Paint a Bullish Picture for the Meme Coin
- Sep 22, 2024 at 04:15 am
- These metrics include the daily transactions on the layer-2 network Shibarium, which indicates that Shiba Inu's adoption is again rising.
-
- Don’t Wait: Claim Your EigenLayer Airdrop Now!
- Sep 22, 2024 at 04:15 am
- How to qualify EigenLayer Airdrop: Full Guide