Bitcoin Near $88.8K as $576M Wipeout Rocks Crypto and Gold Hits $4,380
Bitcoin hit $88,800 on Monday as global markets are taking another chance. Trading picked up after Asian equities ticked...
Quick overview
- Bitcoin reached $88,800 as global markets showed signs of recovery, with Ethereum surpassing $3,000.
- Investors are regaining confidence after a turbulent week in crypto, with long-term Bitcoin holders ceasing their selling.
- Gold prices soared to a record $4,380 per ounce, driven by market uncertainty and increased central bank purchases.
- Asian stocks rose alongside commodities, with the MSCI Asia Pacific Index gaining over 1% amid a shift in Japan's monetary policy.
Bitcoin hit $88,800 on Monday as global markets are taking another chance. Trading picked up after Asian equities ticked up and gold set a new record high. Ethereum, meanwhile, topped $3,000, and XRP, Solana, and Dogecoin all gained following a pretty rough ride in crypto land.
Investors think people have finally started to calm down a bit after last week’s rollercoaster ride, which saw over half a billion dollars in crypto positions shut down. Keep in mind that there isn’t much going on in the market at the moment, and everyone is still a bit wary because of the huge amount of borrowing that’s still floating around out there.
- Bitcoin long-term holders are finally stopping their selling.
- Institutional buyers are more active than miners at the moment.
- All the big players – corporate treasuries and ETFs – are chipping in by buying up some more.
Gold shoots up to record levels
Gold hit a whopping $4,380 an ounce, and it’s the strongest ride it’s had since 1979. The market is expecting the Fed to cut interest rates next year, there are worries about what’s going on in the world, and people continue to plough money into gold-based investment funds. Central banks have also been buying a fair amount of gold.
This is causing people to think of gold as a haven at the moment – it’s the place to be when the stock markets are all over the place, and people are getting nervous about interest rates – and it’s causing a bunch of investors, both big and small, to come in and buy some up.
Asian stocks and the big picture
Asian stocks are moving up with commodities – the MSCI Asia Pacific Index ticked up by over 1%, driven by tech stocks. US stock futures are also looking up after a late-week rebound.
Japan got some attention after the Bank of Japan hiked interest rates, sending government bond yields to new highs. The yen rose a bit after the central bank told everyone to calm down about currency moves. It’s looking like they are shifting away from all that super loose monetary policy they had going on for years
Crypto markets are still pretty fragile and are closely watching all the big picture stuff – liquidity, leverage, and all that – also watching to see if institutions are still buying up Bitcoin and if that tells us anything for 2025
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