Gold’s Dazzling Dance: Bitcoin’s Dismal Dilemma! 💰😱

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What to know:

  • Stocks are on a downward spiral again this Thursday, dragging poor bitcoin down with them.
  • Gold, that glittering darling, continues to bask in the limelight, inching ever closer to the $3,000 per ounce milestone.
  • Gold ETFs are experiencing a veritable flood of cash, while spot BTC ETFs have been hemorrhaging $5 billion since February—talk about a capital exodus! 💸

After a timid little rally yesterday, courtesy of some soft inflation whispers, U.S. stocks are once more plummeting, and guess who’s along for the ride? Yes, our dear friend bitcoin (BTC), clinging on like a lost puppy.

As the clock approaches noon on the East Coast, the Nasdaq has taken a 1.7% dive, while the S&P 500 is down by 1.2%. Bitcoin, which flirted with the tantalizing $85,000 mark just yesterday, has now retreated to a mere $81,000—down 1% in the last 24 hours. Oh, the drama! 🎭

But gold, oh sweet gold, is doing what it has done for millennia—serving as a sanctuary in tumultuous times. It has surged by 1.5%, tantalizingly close to that elusive $3,000 per ounce threshold.

Since the Nasdaq reached its zenith three weeks ago, it has plummeted nearly 15%. Meanwhile, gold has managed a modest gain of about 1%, while bitcoin has taken a nosedive of nearly 20%. Talk about a tale of two assets!

This current spectacle might evoke memories of the late summer and early fall of 2024, when crypto markets and stocks were stuck in a tedious sideways shuffle, while gold was busy painting new highs. During that time, BTC was trapped in a range between $50,000 and $70,000, while gold gallantly climbed almost 40% to $2,800. Eventually, bitcoin soared above $100,000, buoyed by the winds of political change, while gold’s ascent faltered as funds flowed from safe havens into riskier pastures. 🏞️

In a striking display of where the money is heading, gold exchange-traded funds have enjoyed their largest inflows in 30 days since early 2022, adding a staggering 3 million ounces of the precious metal to their coffers, according to Bold.report data.

In stark contrast, U.S.-listed spot bitcoin ETFs have seen a staggering $5 billion in outflows since February, marking the most dismal streak in their one-year saga, as per SoSoValue data. What a twist! 🎢

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2025-03-13 19:22