Bitcoin Remains Under Pressure as Gold Quietly Targets New Record High

An attempted rally in crypto earlier on Thursday was met by steady selling throughout the ￰0￱ ￰1￱ rising above $113,000 level at one point, bitcoin (BTC) retreated to $111,800 late in the session, down about 0.7% over the past 24 ￰2￱ selling in ether (ETH) and XRP (XRP) was a bit more sizable, with those tokens lower by 2.1% and 1.4%, ￰3￱ among the majors was Solana's SOL (SOL), which rose 3.1% over the past ￰4￱ on the rise even as bitcoin struggled mightily over the past two weeks is ￰5￱ yellow metal was higher by another 0.8% on Thursday to $3,477 per ￰6￱ the month of August, gold's outperformance is even more stark — a rise of nearly 4% as bitcoin slid 5.2%.

At $3,477, gold now sits only a few dollars below its record high of $3,534 hit earlier this month on fears (now allayed) that Swiss gold bars would fall under punitive White House tariffs against ￰7￱ whatever reason, the macro developments — lower interest rates and weaker ￰8￱ — giving a boost to gold over the past weeks are failing to ignite a bid for digital gold, aka ￰9￱ tap for September appears to be the resumption of Federal Reserve rate cuts and one or possibly two new (likely dovish) Fed members appointed by President ￰10￱ year's final four months could get interesting.