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Cryptocurrency News Articles
Peter Schiff: Bitcoin (BTC) Price Will Drop to $60K or Even $58K, as Gold (XAU) Hits New Record High
Sep 23, 2024 at 05:53 pm
A well-known gold advocate and Bitcoin critic Peter Schiff recently pointed out that gold has reached yet another record high. However, Schiff claims that
Bitcoin and gold are both seen as safe haven assets during times of economic uncertainty. However, their performance has been contrasting of late. While gold has surged to fresh record highs, Bitcoin has struggled to break out of a bearish channelパターン despite attempts to rally past key resistance at $70,000.
Chart analysis shows that gold has been rallying relentlessly and hitting new highs on the back of concerns about inflation and a possible overshoot by the Federal Reserve in its monetary policy.
Meanwhile, Bitcoin is displaying a bearish channel pattern on the price chart on a lower time frame. Without a breakout from the upper resistance, the path of least resistance for Bitcoin is to the downside, with key support levels at $60,000 and $58,000.
Gold, on the other hand, is displaying a consistent uptrend on the chart, backed by strong buying activity. The precious metal is showing strength as a conventional store of value amid inflation worries, hitting a fresh high of $2,615.
Investors are torn between comparing Bitcoin and gold. In the current economic scenario, gold, which is well-established as an inflation hedge, is sending out clear signals. However, Bitcoin, also known as digital gold, has seen higher volatility despite showing promise earlier as an inflation hedge.
Peter Schiff, a gold advocate and Bitcoin critic, frequently highlights the community’s lesser focus on gold versus Bitcoin. While gold is losing out to Bitcoin in terms of returns and volatility, making it a less risky asset and more of a store of value.
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- As the domain of decentralized finance (DeFi) blossoms and diversifies, cryptocurrency staking has carved its unique niche, offering a blend of investment and active participation within blockchain networks.
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- Gardening guru shares £1 coin trick to revive your tired lawn and make it the envy of your neighbours
- Sep 23, 2024 at 08:15 pm
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- Trump Launches 'Official' Silver Medallions Featuring His Profile, White House With Signature
- Sep 23, 2024 at 08:15 pm
- Former President Donald Trump announced the launch of the first edition of his silver medallion, which he claimed to have designed himself and was minted in the U.S.
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- Travala Integrates Solana Blockchain to Enable SOL and Stablecoin Payments for Travel Bookings
- Sep 23, 2024 at 08:15 pm
- Travala, a pioneering cryptocurrency-based travel agency, has taken a significant leap forward by integrating the Solana blockchain into its platform.
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- Justin Sun Predicts Tron (TRX) Will Surpass Solana (SOL) in Two Years, Citing Dominance in Stablecoins and Meme Coins
- Sep 23, 2024 at 08:15 pm
- Justin Sun, the founder of Tron (TRX), recently predicted that his blockchain network could surpass Solana (SOL) within two years.
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- Core Scientific (CORZ) Is on the Cusp of Becoming a Major Force in AI Hosting, Initiated at Buy: Canaccord
- Sep 23, 2024 at 08:15 pm
- The broker started coverage of the bitcoin miner with a buy rating and a $16 price target.
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- Rexas Finance (RXS), PEPE Coin, and DOGS Token: The Potential Breakout Stars of the Next Crypto Bull Cycle
- Sep 23, 2024 at 08:15 pm
- A few coins are likely to yield amazing profits as the crypto market prepares for the next bull cycle. DOGS Token, PEPE Coin, and Rexas Finance (RXS) have drawn interest from investors because of their potential to create life-changing money.
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- Bitcoin Surges to a One-Month High of $64,661 after Fed's Rate Cut, While the Japanese Yen Drops
- Sep 23, 2024 at 08:15 pm
- Analysts expect further interest rate cuts, with potential 125 basis points reduction by year-end.
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- Former U.S. President Donald Trump Carried Out His First Bitcoin Transaction at PubKey in New York City
- Sep 23, 2024 at 08:15 pm
- The incident quickly drew attention from political and cryptocurrency communities, highlighting Trump's increasing engagement in the digital asset space.