What you need to know:
- Gold, after reaching dizzying heights, has taken a rather dramatic tumble — nearly 10% down in just a few sessions. Quite the fall from grace, right?
- Meanwhile, Bitcoin is strutting its stuff again, setting its sights on the grand $100,000 milestone. Oh, how the tables have turned!
- One analyst boldly claims that Bitcoin is now a far better hedge than gold. So, who’s really winning here?
Oh, the bitter irony! Just when you thought gold could do no wrong, it seems to have had its moment of glory and is now heading downwards. But lo and behold, Bitcoin (BTC) appears to be basking in the aftermath, ready to shine once more. It’s like one character falling off the stage, only for the lead actor to take center stage with a smirk.
Gold had been the darling of the financial world, with its rally fueled by the chaos following President Trump’s infamous “Liberation Day” tariffs in early April. The yellow metal soared, leaving many to bask in its golden glow, oblivious to the impending twist.
That gleaming peak was reached on April 21, when gold hit $3,500 per ounce, while Bitcoin hovered around $87,000. A stable and rather uninspiring price — a reminder that even the mighty have their quiet moments.
But, like all good things, the gold rally didn’t last. It’s now tumbled nearly 10%, flirting with a price just above $3,200 per ounce. Meanwhile, Bitcoin has dramatically surged, jumping 10% to a fresh two-month high of $97,000. Quite the dance, don’t you think?
“Bitcoin is the new hedge. Gold, step aside,” quipped Standard Chartered’s Geoff Kendrick, who probably knows a thing or two about these market shenanigans.
Kendrick pointed out that the ETF inflows — once a humble trickle into gold — have now surged into Bitcoin funds. It’s as if gold had its time in the sun, only to see Bitcoin waltz in, stealing the limelight. And this isn’t the first time we’ve seen such a dramatic shift: the last time Bitcoin ETF inflows outpaced gold’s was just before the U.S. presidential election. Two months later, Bitcoin had shot up over 40%, hitting an astronomical $100,000.
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2025-05-01 23:15