Crypto Market Today: Bitcoin-gold ratio drops to lowest since January 2024
Bitcoin rose since midnight UTC, while remaining locked in the $86,000-$90,000 range. Against gold, however, it’s still falling.
Bitcoin’s BTC$89,099.15 underperformance relative to gold, to which it is often compared, continues as its price in dollars lacks clear directional bias, trading back and forth between $86,000 and $90,000. It’s currently up 1.2% since midnight UTC against the greenback.
The ratio between the price of bitcoin and gold, however, has dropped to 20.18, the lowest since Jan. 1, 2024, according to data source TradingView. The sustained decline shows investors still favor the precious metal as the preferred safe-haven asset amid what some see as fiscal imprudence across the advanced world and talk about Federal Reserve interest-rate cuts.
The ratio may improve later Thursday should U.S. inflation data come in lower than expected. That may increase rate-cut expectations and spur risk taking in financial markets.
By Omkar Godbole, Francisco Rodrigues|Edited by Sheldon Reback
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