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Bloomberg: Gold Rebounds, Cryptocurrency Continues to Face Pressure
BlockBeats News, February 4th. According to Bloomberg, amidst global risk asset pressure, gold and crypto assets have shown a clear divergence in trend. The price of gold has rebounded after retreating from its all-time high, once again surpassing $5000 per ounce. Some funds are buying the dip, with Fidelity's fund stating that after experiencing the "largest drop in forty years," they are ready to buy back into gold, believing that the market bubble has somewhat deflated.
At the same time, the crypto market continues to decline. Since January 29th, the total market value of crypto assets has shrunk by about $467.6 billion, with Bitcoin leading the decline. Prominent investor Michael Burry has warned that Bitcoin has fallen about 40% from its peak in October last year, and he does not rule out further evolving into a self-reinforcing "death spiral."
Data shows that since the peak in October, the cumulative evaporated market value of crypto assets has reached $1.7 trillion. Against a backdrop of macro uncertainty and decreasing risk appetite, funds are notably flowing back to traditional safe-haven assets like gold.
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