Bitcoin And gold (XAU) have diverged in the past 24 hours, the BTC probably feeling the pressure of the strengthening of the dollar index.
The main cryptocurrency in terms of market value dropped by 2.4% to 121,340 dollars, after failing to cross key resistance over $ 126,000 earlier this week, according to Coindesk data. The Coindesk 20 index fell by more than 4% to 4,186 points.
This decrease comes while the dollar index, which follows the exchange rate of the greenback compared to a basket of fiduciary currencies, has reached 98.90, its highest level since August 5.
The strength of the DXY generally weighs on active ingredients denominated in USD, such as BTC and gold. The BTC prices graph suggests a greater drop to $ 118,000.
BTC reached a record level of more than $ 126,000 earlier this week, while the ETPs in cash in the United States brought in more than $ 3 billion during the week ended on Friday.
Gold raised by the influx of ETF
While the BTC rally is at a standstill, gold shows no signs of slowdown, since its price per ounce exceeded 4,000 dollars for the first time in its history.
According to ING, the recent recovery is catalyzed by an increase in capital flows to the funded funds (ETF) linked to gold.
“Investors add ETFs on gold at a quick pace. Last week, the funds negotiated on the stock market leaning against gold have increased again, bringing the total of ETF assets to the Gold at the highest level since September 2022. It is still possible to add more, since the current total remains below the peak reached in 2020. Additional entries could push the gold even higher” Ing.
The prices have doubled in two years, under the leadership of the central banks which bought the yellow metal to diversify by moving away from the US dollar. The aggressive commercial policy of President Donald Trump and conflicts in the Middle East and Ukraine have strengthened this upper dynamic.
Tokens leaning against gold such as Paxg (Paxg) also exceeded $ 4,000. The combined market value of all gold tokens exceeded $ 3 billion.
