"Bitcoin price roared past $113,000 today, climbing from $108,000 earlier in the session, as traditional safe-haven assets took a hit. Spot gold extended its losses to $4,085.39 per ounce, down more than 6%, while spot silver plunged as much as 8.7%, marking its steepest drop since 2021. Bitcoin's surge came after Federal Reserve Governor Christopher Waller signaled a major shift in U.S. crypto policy, announcing a "skinny master account" program."
"The sell-off of precious metals has raised questions on social media about whether investors are rotating capital from gold and silver into bitcoin. Bitwise: A small gold shift could spark Bitcoin price rally Bitwise's Crypto Market Compass Report from today suggested that bitcoin had been positioned for a potential rebound this quarter, with the possibility of a broader rally if even a small fraction of capital rotated from gold into crypto."
Bitcoin surged above $113,000 after earlier trading near $108,000 while traditional safe-haven metals plunged, with spot gold falling over 6% to $4,085.39 and silver dropping as much as 8.7%. Federal Reserve Governor Christopher Waller announced a "skinny master account" program to give eligible fintechs and digital-asset firms limited direct access to the Fed's payment system. The Fed framed distributed ledgers, DeFi, and crypto assets as integral to mainstream finance and explored integrating emerging technologies with legacy infrastructure. Bitwise noted that a small rotation from gold into bitcoin could substantially amplify bitcoin's price, citing seller exhaustion and banking stress as supportive factors.
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