Bitcoin is once again world news, gold reaches record price
Last Updated on 5 December 2023 by CryptoTips.eu
FOMO seems to have taken over both the stock exchanges and the crypto markets in November. Crypto has continued with that trend so far in December.
Bitcoin climbed to $42,000 on Monday and made almost all the front pages of global business news sites. Alongside record prices for gold, the rebirth of crypto was world news.
Geopolitics
Even though a geopolitical event could throw a spanner in the works, it’s quite certain that 2023 will once again become a record year for Bitcoin. With a gain of around 150% so far, all worries of 2022 seem to be behind us and investors are ready to take the leap to the All Time High of $69,000 next year (or this year?). With the same growth as this year repeated in 2024, this should not be a problem.
The fact that we are awaiting both the approval of a spot Bitcoin ETF in the United States and another halving (normally in April 2024) seems to provide a boost to the largest digital.
The rest of the crypto market is following in its wake. Coins such as Ether, Dogecoin, Solana and Chainlink have all had a very good period and seem ready to rise further.
Gold to record high
The price of gold also continues to climb. On Monday it reached a record price for the second day in a row, this time around $2,100.
Analysts explain the rush on both gold and Bitcoin as a new search for ‘safe’ investments.
Gold prices have risen for two consecutive months as the Israeli-Palestinian conflict has boosted demand for the commodity, while expectations of interest rate cuts have provided further support.
Gold tends to perform well during periods of economic and geopolitical uncertainty due to its status as a reliable store of value for investors.
Bitcoin meanwhile started to rise exponentially after Sam Bankman-Fried was convicted early November. Wall Street appears to have renewed confidence in crypto now that the FTX saga is behind us.
