Bitcoin Drags Its Feet as Gold Hits All-Time High

CN
4 hours ago

Bitcoin (BTC) saw modest gains over the past 24 hours, rising 0.76% to $83,486.74, though it remains down 6.14% over the past week. Meanwhile, gold reached as high as $3,004.86, an all-time high. BTC however, continued experiencing volatility as it traded within a 24-hour range of $79,931.85 to $83,465.91.

Bitcoin Drags Its Feet As Gold Hits All-Time High

(BTC Price / Trading View)

  • 24-hour trading volume: $28.56 billion (-15.89%)
  • Market capitalization: $1.65 trillion (+0.53%)
  • BTC dominance: 61.98% (-0.70%)
  • BTC futures open interest: $48.38 billion (+2.11%)
  • 24-hour liquidations: $66.72 million (longs: $44.56 million, shorts: $22.16 million)

Spot gold briefly surged past $3,000 for the first time in history before settling at $2,992, according to Monex Precious Metals. The milestone is believed to be a reaction to President Donald Trump’s escalating trade tariffs, which have stoked investor concerns and driven demand for traditional safe-haven assets. While bitcoin is often dubbed “digital gold,” its muted response suggests that investors may still view physical gold as the preferred hedge against macroeconomic uncertainty.

Bitcoin Drags Its Feet As Gold Hits All-Time High

(Gold hits all-time high of $3,000 / Monex)

The ongoing tariff dispute between the U.S. and its trading partners took another turn as the European Union retaliated against American steel and aluminum tariffs with a 50% tax on U.S. whiskey exports. In response, President Trump threatened a steep 200% tariff on European wine and spirits. These developments have heightened fears of a prolonged trade war, potentially weighing on global economic growth and influencing risk sentiment in the crypto market.

Bloomberg reports that the U.S. Federal Reserve intends to maintain current interest rates through the first half of the year, with two rate cuts expected starting in September. Lower interest rates typically benefit risk-on assets like bitcoin, as they reduce the appeal of fixed-income investments and increase liquidity in financial markets. However, for now, BTC remains under pressure from macroeconomic uncertainties.

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