"Bitcoin price retreated to around $108,300 today after briefly touching $114,000 on Tuesday, while traditional safe-haven assets continued to slide. Spot gold fell to as low as $4,034 per ounce, extending its sharp losses from earlier in the week, and silver remained down nearly 8%. Those Fed comments were made at the Federal Reserve's first-ever Payments Innovation Conference in Washington."
"Bitcoin initially jumped more than 5% to $114,000 during the event but has since retreated to around $108,000. Market chatter on social media suggested that investors may be rotating out of precious metals and into bitcoin, echoing themes from Bitwise Asset Management's latest Crypto Market Compass report. Bitwise said a modest 3-4% shift of capital from gold into crypto could theoretically double Bitcoin's price, given the relative size difference between the two markets."
"Just today, Standard Chartered's Geoff Kendrick wrote that he expects Bitcoin to briefly drop below $100,000 due to trade war concerns but said the decline may be short-lived, noting that recent gold weakness has historically sparked quick Bitcoin rebounds. Bitcoin prediction markets like Polymarket and Kalshi are emerging as real-time sentiment indicators for traders betting on future bitcoin prices. These platforms aggregate odds based on where participants think bitcoin will end the year."
Bitcoin retraced to about $108,300 after an initial surge to $114,000 following Federal Reserve Governor Christopher Waller's announcement of a "skinny master account" program giving select fintech and crypto firms limited access to the Fed's payment system. Spot gold fell to $4,034 per ounce and silver dropped nearly 8%, provoking chatter about capital rotating from precious metals into bitcoin. Bitwise estimated a 3–4% shift from gold to crypto could theoretically double Bitcoin's price. Standard Chartered expected a brief dip below $100,000 amid trade war worries but viewed any decline as potentially short-lived. Prediction markets reduced year-end bitcoin forecasts from $144,000 to about $129,000, indicating increased fear and possible undervaluation.
Read at Bitcoin Magazine
Unable to calculate read time
Collection
[
|
...
]