Gold’s lower volatility than Bitcoin gives it an edge when the markets wander in uncertainty, Maruf Yusupov, co-founder of the gold-backed stablecoin Deenar, told crypto.news.
The fall of the Bitcoin (
BTC
) price below the $60,000 mark on Sept. 15 triggered fears of another downfall among investors. Meanwhile, gold’s steady upward momentum made it a better investment alternative since “investors are still cautious of general uncertainty,” Yusupov says.
Gold recorded a 0.04% over the past day and is trading at $2,584 at the reporting time, per
data
from Trading Economics. The asset even reached an all-time high of $2,589 yesterday while Bitcoin was struggling around the $58,000 zone — down by 22% from its ATH of $73,750.
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Per a crypto.news report, spot BTC exchange-traded funds
surpassed
the $61 billion mark in terms of total assets under management, reaching 25% of the gold ETF AUM’s $257 billion in six months.
Notably, the recent market-wide turmoil and mixed sentiment toward the U.S. Fed rate cut brought increased outflows, with BlackRock surprisingly joining the outflow trend.
Bitcoin recorded a 0.24% dip in the past 24 hours and is trading at $58,500 at the time of writing. The cryptocurrency market cap
declined
by 1.2% and is currently sitting at $2.13 trillion, according to CoinGecko.
BTC price – Sept. 17 | Source:
crypto.news
The downward momentum comes amid mixed reactions toward the expectations of a 50 basis point
rate cut
by the U.S. Fed.
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