Earlier this week, Bitcoin's market cap reached 14% of that of gold, which is a new all-time peak. The leading cryptocurrency hit a new lifetime peak of $107,822 on Monday ahead of the U.S. Federal Reserve's widely expected rate cut that is expected to be announced on Wednesday.Legendary Trader Peter Brandt Spots Important Bullish XRP Pattern, Jerome Powell, the chair of the U.S.
Federal Reserve, recently stated that Bitcoin was a'digital version' of gold while also rejecting the idea that it competes with the U.S. dollar. Last month, iShares Bitcoin ETF (IBIT) surpassed iShares Gold ETF (IAU), which was launched in 2005, in terms of assets. As reported by U.Today, SkyBrige Capital founder Anthony Scaramucci recently opined that Bitcoin prices were held back by the SEC's persistent refusal to approve a Bitcoin ETF. The agency caved in only after asset management company Grayscale scored a legal victory against it.Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.
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