Fun

Bitcoin and gold broke new price records on the same day

News Feed - 2024-03-06 06:03:46

Helen Partz14 hours agoBitcoin and gold broke new price records on the same dayThe new all-time highs marked the first time Bitcoin and gold hit new records simultaneously since the emergence of BTC.3523 Total views41 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) posted a new price record on March 5, breaking above $69,200 for the first time in history.


The historic moment in the Bitcoin community coincided with successful developments in traditional financial markets, with gold reaching an all-time high on the same day.


According to data from TradingView, spot gold broke its all-time high record at $2,130 at around 1:30 pm UTC on March 5, surpassing its previous highs around $2,000 set in early December.


In less than two hours, Bitcoin also posted a historic high, reaching a $69,210 price mark at 3:00 pm UTC. Bitcoin’s new all-time high came more than two years after it surged to $69,000 on Nov. 9, 2021.


The new all-time highs marked the first time ever for Bitcoin and gold to hit new records simultaneously since the emergence of Bitcoin in 2009, according to the price charts.


The community quickly addressed the events as another “bad day for fiat money,” as both gold and Bitcoin are often seen as potential hedges against fiat currencies and inflation.Holger Zschaepitz’s post on Bitcoin and gold’s ATHs. Source: Holger Zschaepitz on X


Some analysts believe that gold and Bitcoin are rallying to new highs on the prospect of lower interest rates in the future to keep sovereign debt loads manageable.


The simultaneous all-time highs of gold and Bitcoin are occurring against a backdrop of relatively high interest rates, or 4.5% plus, across the developed world, according to StoneX global head of research Matthew Weller. In a statement to Cointelegraph, the analyst said:“From elevated risk appetite to sticky inflation to record debt levels to ongoing geopolitical tensions in the Middle East and Eastern Europe, there are plenty of reasons that traders are seeking out alternatives to traditional fiat currencies in the current environment.”


For Bitcoin, the ongoing rally is largely contributed by the excitement about the upcoming quadrennial halving event and the massive inflows in spot BTC exchange-traded funds in the United States, Weller noted.


Related:Spot Bitcoin ETF ‘superior’ to gold ETF — Core Scientific founder


Amid the historic highs, some major Bitcoin bulls have expressed more confidence in Bitcoin over gold.


“I’m investing in Bitcoin over gold all day, every day,” billionaire Shark Tank star Mark Cuban said in a CNBC interview on March 5.


Prominent gold bull Peter Schiff subsequently pushed back against Cuban’s statements. “This shark is swimming in the wrong tank,” Schiff argued in a post on X.


At the time of writing, Bitcoin is up 52% year-to-date, according to data from CoinGecko. Spot gold is up around 2% since the beginning of January.


Magazine:Jameson Lopp: Skeptical of spot Ether ETFs, BTC price prediction dilemma: X Hall of Flame# Bitcoin# Gold# Bitcoin Price# Adoption# Fiat Money# InflationAdd reactionAdd reaction

News Feed

Bitcoin Network’s Mining Difficulty Expected to See Largest Increase in Over 2 Months
Bitcoin Network"s Mining Difficulty Expected to See Largest Increase in Over 2 Months Bitcoin’s hashrate has been steadily climbing after dropping to 69 ex
Nigerian activist receives local support in legal fight to use crypto
Amaka Nwaokocha11 hours agoNigerian activist receives local support in legal fight to use cryptoThis lawsuit comes amid the Nigerian government’s increasingly hostile stance toward cryptocurrencies.1952 Total views14 T
Swiss Companies Issue First Tokenized Asset for Trading Under New National Blockchain Rules
Swiss Companies Issue First Tokenized Asset for Trading Under New National Blockchain Rules New legal provisions on distributed ledger technology (DLT) went into
Argentine Peso Breaks Historic Low Mark as Argentines Hedge Savings in Dollars
Argentine Peso Breaks Historic Low Mark as Argentines Hedge Savings in Dollars The U.S dollar-Argentine peso exchange rate escalated during December, with the Argentine fiat curren
Troop of Bored Ape NFTs Rises Above the Competition, BAYC Donates $200K in ETH to Orangutan Outreach
Troop of Bored Ape NFTs Rises Above the Competition, BAYC Donates $200K in ETH to Orangutan Outreach While non-fungible token (NFT) assets have been raking in mi
POPEYE METAVERSE MADNESS NFT HODLers Lottery Program and Details
POPEYE METAVERSE MADNESS NFT HODLers Lottery Program and Details sponsored On May 18, 2022, MADworld released and sold out the 1st collection of the POPEYE METAVERSE MADNESS NFT in
Arijit Sarkar1 hour agoBinance scouts art for Pierre Gasly’s F1 helmet at Abu Dhabi GPBinance announced a helmet design competition to shortlist the winning art, which will be used as the helmet artwork of Gasly, who w
Yuga Labs Launches Bored Ape and Mutant Ape Yacht Club Community Council
Yuga Labs Launches Bored Ape and Mutant Ape Yacht Club Community Council The non-fungible token (NFT) and blockchain firm Yuga Labs has announced a community council will be repres
Judge Grants Injunction Halting Telegram’s TON Release Again, Notice of Appeal Reportedly Filed
Judge Grants Injunction Halting Telegram"s TON Release Again, Notice of Appeal Reportedly Filed The embattled Telegram Open Network (TON) blockchain and its native gram cryptocur
Indian Government Confirms Crypto Bill Is Being Finalized — Existing Laws Inadequate
Indian Government Confirms Crypto Bill Is Being Finalized — Existing Laws Inadequate The Indian government has spoken about the cryptocurrency bill again. This
Ciaran Lyons6 hours agoFTX bolsters claims portal security measures following cyber breachFollowing the cyber breach of non-sensitive data, bankrupt cryptocurrency exchange FTX has reactivated account access to its custo
Bitcoin short-term holders ‘over-reaction’ a factor in BTC’s drop below $50K — Glassnode
Nancy Lubale4 hours agoBitcoin short-term holders ‘over-reaction’ a factor in BTC’s drop below $50K — GlassnodeGlassnode says short-term holders have “carried the brunt” of losses from Bitcoin’s recent drop