Gold Prices Surge Over 2%, Bitcoin Climbs Past $67,000

Gold has risen by more than 2% in the past week, reaching a new all-time high. This surge is driven by global demand for safe-haven assets and anticipated interest rate cuts from major central banks. Meanwhile, Bitcoin continues its upward trajectory, surpassing $67,000.

Gold Reaches New Heights

According to recent data, the price of gold has surged to $2,700 per ounce as of October 18, marking a new record high. Over the past week, gold has increased by 2.08% and nearly 5% in the past month.

This rise in gold prices is fueled by a growing demand for safe-haven assets along with expected interest rate cuts by major central banks. The European Central Bank has cut rates for the third time this year, lowering the deposit rate to 3.25%.

Additionally, geopolitical tensions in the Middle East have influenced gold prices. The Israeli military confirmed on October 17 that they killed Hamas leader Yahya Sinwar, raising fears of a regional escalation.

Bitcoin’s Upward Trend

Bitcoin has also experienced a significant rise. Since October 10, the price of Bitcoin has been on a positive trend. Recent data indicates Bitcoin surged by 11% over the past week, briefly touching a two-month high of $68,375 on October 16.

Charles Edwards, co-founder of crypto asset manager Capriole Investments, commented on the similarity between gold and Bitcoin’s upward trends.

“As a rough rule of thumb, macro Bitcoin trends are often lagged behind gold by a few months. Looks promising,”

said Edwards.

Comparing Gold and Bitcoin

In recent years, investors have noted similarities between gold and Bitcoin’s price movements. Both assets are finite in supply and are not tied to any country’s currency, offering a “safe-haven” that protects investors from the volatility of national currencies. This has led to Bitcoin being dubbed “digital gold.”

Further cementing this comparison, the real-world assets platform Swarm Market has made it possible to mint and trade physical gold on the Bitcoin blockchain via the Ordinals protocol. On October 17, Swarm Market announced a partnership with OrdinalsBot. This collaboration allows individual satoshis to be inscribed with unique gold kilobar serial numbers, facilitating the trade of gold bars on Bitcoin’s Ordinals protocol.

Through this partnership, gold will be the first real-world asset available on Trio, a marketplace developed by OrdinalsBot, set to launch by the end of the year.

For more updates and news on cryptocurrencies and financial markets, stay tuned to Global Crypto News.

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