Good morning!
Amid global financial and political uncertainty, gold has surged past the $4,000 per ounce mark for the first time, driven by over 50% year-to-date gains and accelerated ETF inflows as investors seek a safe haven against rising political risk and US fiscal concerns.
Conversely, the crypto market, including Bitcoin (BTC), experienced a pullback (BTC down 1.25%, CD20 down 3%) due to profit-taking following a recent rally, a rising U.S. Dollar Index (DXY), and short-term "whales" moving BTC to exchanges. BTC also faces headwinds from Japanese government bond yields hitting a 17-year high, which tightens global financial conditions and reduces appetite for riskier assets.
However, institutional interest remains strong, with US-listed spot BTC ETFs seeing $2 billion in inflows this week, pushing cumulative net inflows past $60 billion, while the market awaits clearer signals from the Federal Reserve regarding potential rate cuts.
Stay alert!
