Amid the financial uncertainty affecting a myriad of nations worldwide, Financial institution of America Securities market strategists defined in a be aware this week that the main crypto asset bitcoin has been correlated with the well-known valuable metallic gold. Financial institution of America analysts Alkesh Shah and Andrew Moss famous “that buyers might view bitcoin as a relative secure haven as macro uncertainty continues.”
Market strategists from Financial institution of America’s securities division, Alkesh Shah and Andrew Moss, detailed this week that bitcoin and gold have been extremely correlated in current occasions. The information follows the current report printed by the crypto knowledge supplier Kaiko, which says bitcoin has been much less risky than the Nasdaq and S&P 500 indices. Based on the Financial institution of America strategists, bitcoin’s (BTC) worth fluctuations, by way of different international belongings, have brought about buyers to assume BTC is a safe-haven asset.
“A decelerating constructive correlation with SPX/QQQ and a quickly rising correlation with XAU point out that buyers might view bitcoin as a relative secure haven as macro uncertainty continues and a market backside stays to be seen,” Financial institution of America’s securities division analysts wrote.
On Monday, October 24, each bitcoin (BTC) and gold costs have been vary sure, and have been much less risky compared to fairness markets. BTC is buying and selling for simply above $19K per unit, whereas an oz of .999 nice gold is exchanging palms for 1,646.70 nominal U.S. {dollars}. Financial institution of America’s Shah and Moss have been monitoring the 40-day correlation with gold, which is round 0.50 this week. The 0.50 ranking is so much nearer and reveals a stronger correlation to the valuable metallic than the zero ranking the main crypto asset BTC recorded in August.
The transfer comes at a time when macro uncertainty has heightened, and analysts have warned that U.S. Federal Reserve price hikes may trigger a U.S. Treasuries liquidity disaster. Market observers anticipate an aggressive price hike subsequent month, however strategists additionally imagine the Fed will pivot by December. Each gold and BTC have fallen an important deal because the two asset’s all-time worth highs. Gold as an illustration tapped a lifetime worth excessive in opposition to the U.S. greenback on March 8, 2022, when it reached $2,074 per ounce.
Gold has misplaced 20.49% in opposition to the U.S. greenback because the all-time excessive 230 days in the past. The crypto asset bitcoin (BTC) has shed 72% in opposition to the dollar over the last 12 months, after tapping $69,044 per unit on November 10, 2021. Gold immediately has an total market capitalization of round $10.895 trillion, whereas BTC’s market capitalization is round $369 billion.
What do you concentrate on Financial institution of America’s Shah and Moss explaining that gold and bitcoin have been correlated over the last 40 days? Do you assume buyers understand bitcoin as a safe-haven amid immediately’s macro uncertainty? Tell us your ideas about this topic within the feedback part under.
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Donald Trump is making news once more, but this time it’s not for political reasons; it’s about cryptocurrency. As he prepares to return as the 47th President of the United States, Trump will become the first sitting president to own meme currencies, a decision that has stirred both enthusiasm and skepticism in the crypto community.
Recent sources claim that Trump’s crypto wallet consists largely of meme coins and is valued roughly $8 million. Among the assets are $1.5 million in a meme currency with Trump-themed design and $5.5 million in TROG tokens.
In addition, he has about 1.3 billion GUA coins, which amounts to nearly $400,000, and $167,000 in TRUMPIUS tokens. This is a first of its kind, where Trump becomes an oddity in the world of politics and cryptocurrency, considering his earlier reluctance towards digital assets.
DONALD J. TRUMP WILL BE THE FIRST SITTING US PRESIDENT TO HOLD MEMECOINS pic.twitter.com/ODlNXDaKIT
— Arkham (@arkham) January 10, 2025
Trump’s journey into the crypto world is notable. He had been a strong critic of Bitcoin and other cryptocurrencies, calling them scams. But that all changed in 2024 when he started publicly endorsing Bitcoin and speaking out for the right to own it. That’s a broader trend among politicians, who are increasingly recognizing the potential of cryptocurrencies and their growing popularity among voters.
Trump’s financial success in the digital sphere was also aided by his venture into non-fungible tokens (NFTs) on Ethereum. Trump reportedly made a good living from these endeavors, and he currently owns roughly 496.77 ETH, which is worth about $1.6 million.
Many people are eager to see how Trump’s administration will regulate cryptocurrencies now that he is back in office. A possible change toward a more advantageous regulatory climate for digital assets is hinted at by the nomination of important individuals like David Sacks as “Crypto Czar” and Paul Atkins as SEC chair. This could result in more precise rules for investors and businesses involved in the cryptocurrency industry.
Donald Trump. Image: Ronda Churchill/Reuters
The policies by Trump are already changing market dynamics as everybody is anxiously awaiting them. During this time when Bitcoin hit a record high of $108k, while meme coins surged, analysts still feel that Trump could make the year 2025 a major turning point in cryptocurrencies.
The rise of Trump-owned meme coins is indicative of a broader cultural shift among younger investors who are fed up with established financial institutions. This combination of the political influence of Trump and the speculative nature of meme coins puts a scenario under which political events could significantly affect cryptocurrency markets. Thus, while the investors go about this, they are not ignorant of the volatility that is usually associated with meme coins.
Featured image from Fortanix, chart from TradingView
Scammers stole millions of dollars in cryptocurrency from remote job seekers in an elaborate scheme. New York Attorney General Letitia James has filed a lawsuit to recover over $2 million that she said was stolen from New Yorkers and others nationwide.
Scammers used unsolicited text messages to lure victims with promises of flexible, well-paying remote work opportunities. They claimed the job involved reviewing products online to generate market data. However, victims were told to open cryptocurrency accounts and maintain balances matching the price of products they were reviewing.
While victims believed they would receive their investments plus commissions, the funds were instead transferred into the scammers’ crypto wallets. The fake product reviews took place on a fraudulent website created as part of the scheme.
The lawsuit details seven people who were scammed. One victim, a New Yorker, lost over $100,000 while another victim from Florida lost over $300,000. These cases show the significant financial and emotional impact on the victims.
James’ office, working with Queens District Attorney Melinda Katz and her cryptocurrency unit, traced the stolen funds to specific digital wallets. Over $2 million in cryptocurrency has been frozen, ensuring it can be returned to victims.
“Deceiving individuals seeking remote work is cruel and unacceptable,” said James. “We’re committed to holding scammers accountable and recovering stolen funds.”
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