Gold's surge hints at a favorable macroeconomic conditions for bitcoin ahead.Gold rose to a new record high reaching $2,564 per ounce on Friday, taking its quarter-to-date gain to 10%. BitcoinThe yellow metal's performance looks even more impressive, if you consider that Wall Street's benchmark index has only eked out a meager 2% rise this quarter.
"The appeal of government bond in reserves is lesser and gold has stepped up. Many central banks are accumulating gold, which used to be priced off U.S. Treasury inflation-protected securities but is now being influenced by global factors like structural government deficits," Morris told CoinDesk. "Gold prices have completely decoupled from U.S. real yields. This implies two things: Either gold is overpriced, or gold is already anticipating a massive decline in U.S. real yields," Dragosch told CoinDesk."A massive decline in U.S. real yields is equivalent to a sharp easing in monetary policy, which is not yet priced more broadly into financial markets except in gold, which is why bitcoin and other assets might follow gold higher."The U.S.
Meanwhile, the uptake for the 11 U.S.-listed spot exchange-traded funds has weakened in recent months and the funds have witnessed a net outflow of around $1 billion since late August, according to data source Farside Investors.The outflows and supply increase explains BTC's dour performance, according to the LondonCryptoClub newsletter service.
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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