Bitcoin Retreats to $111,800 While Gold Approaches Record High of $3,534
Crypto markets faced selling pressure on Thursday afternoon, following an attempted rally.
- Bitcoin rose above $113,000 but closed at $111,800, down 0.7% in 24 hours.
- Ether decreased by 2.1% and XRP by 1.4%.
- Solana's SOL increased by 3.1% over the same period.
Gold also saw gains, rising 0.8% to $3,477 per ounce. For August, gold is up nearly 4%, while bitcoin has slid 5.2%. Gold is near its record high of $3,534.
Macro factors like lower interest rates and a weaker U.S. dollar support gold, but do not positively impact bitcoin.
The Federal Reserve may resume rate cuts in September with potential new dovish appointments.