Bitcoin Plunges To $105k As Investors Shift To Gold After Crypto Carnage

Bitcoin fell sharply this week as investors stepped away from risky bets and piled into gold, based on reports from market ￰0￱ slipped more than 5% to about $105,105 on Friday, extending a slide that left it roughly 13% below an October 6 peak near $126,000. Reports show crypto liquidations were heavy, adding to selling pressure in the ￰1￱ Reading: Biggest Shiba Inu Burn In Months — And It Came From A Coinbase Account Safe Haven Bets Favor Gold Gold, by comparison, climbed to fresh ￰2￱ gold pushed above $4,300 an ounce and hit a session peak near $4,312, while US futures briefly traded around $4,328.70, figures that reflect a broad rush into traditional stores of value as investors weigh economic and geopolitical ￰3￱ reports say gold is on track for its biggest weekly gain since ￰4￱ Happened In Markets This Week Several forces combined to push ￰5￱ selling in crypto derivatives amplified downward moves: one report put liquidations at about $1.23 billion in a 24-hour span, with roughly $453 million of that tied to bitcoin and another $277 million linked to ￰6￱ the same time, worries about regional US banks and a renewed debate over interest-rate timing helped lift demand for gold.

Exchange-traded funds ￰7￱ ETFs posted strong inflows, and some funds hit long-term holding highs as money sought safety. Meanwhile, spot bitcoin ETFs showed net outflows in parts of the week, highlighting a shift in where big pools of money were ￰8￱ say that in times of market stress, the differences in liquidity and trade behavior between gold and crypto become more ￰9￱ Traders Are Talking About ‘Digital Gold’ Based on reports, the old debate about whether bitcoin behaves like “digital gold” got louder. A number of commentators pointed out that bitcoin’s large swings and its tendency to fall with other risky assets during selloffs weaken its case as a refuge.

Still, other market participants argue bitcoin has functioned as an investment vehicle for some investors this year, even if it does not always match gold in crisis ￰10￱ Reading: Michael Saylor Issues Rally Cry To Bitcoin Army: “Starve The Bears!” Eyes On Central Banks And Lenders Investors will be watching Federal Reserve signals and any fresh news about US banks for clues on where money goes ￰11￱ rate-cut expectations firm up, gold could keep ￰12￱ risk appetite returns, some of the flows back into crypto might ￰13￱ now, flows and prices show that a chunk of cash has chosen a traditional safe haven over crypto while markets absorb the recent ￰14￱ image from iStock, chart from TradingView