Bloomberg: Gold rebounds, cryptocurrencies remain under pressure
BlockBeats News, February 4, according to Bloomberg, there is a clear divergence between the performance of gold and crypto assets as global risk assets come under pressure. After retreating from its historical high, the price of gold has rebounded, once again surpassing $5,000 per ounce. Some funds are entering at lower levels, and a Fidelity fund stated that after experiencing "the biggest drop in forty years," it is ready to buy gold again, believing that the market bubble has been digested to some extent.
Meanwhile, the crypto market continues to decline. Since January 29, the total market capitalization of crypto assets has shrunk by about $467.6 billion, with bitcoin leading the downturn. Well-known investor Michael Burry warned that bitcoin has fallen about 40% from its high in October last year, and does not rule out the possibility of further developing into a self-reinforcing "death spiral."
Data shows that since the October peak, the cumulative evaporated market value of crypto assets has reached $1.7 trillion. Against the backdrop of macroeconomic uncertainty and declining risk appetite, funds are clearly flowing back to traditional safe-haven assets such as gold.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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