China Accumulates Five Tonnes of Gold as Bitcoin Price Remains Strong

China's gold reserves have increased by five tonnes in March, reaching a total of 2,292 tonnes. This marks the fifth consecutive month of purchases by the People's Bank of China amid ongoing trade tensions with the US.

PBOC Gold Purchases

China's central bank acquired five tonnes of gold within a month.
This brings total gold reserves to a record 2,292 tonnes.
Gold now represents 6.5% of China's official reserve assets.

As gold prices rise to $3,401, Bitcoin holds steady above $87,000, showing resilience despite recent market fluctuations.

Bitcoin Market Dynamics

The price of Bitcoin is at $87,280 amid minimal negative news.
Over 60 new "whale" wallets holding over 1,000 Bitcoin have emerged since early March.
Large Bitcoin addresses rose from 2,030 to 2,100, indicating increased investment interest.

Bitcoin is increasingly viewed as an inflation hedge, similar to gold, especially as China diversifies away from US dollar-denominated assets.

ETF Flows and Bitcoin Stability

Nearly $5 billion has exited Bitcoin ETFs since their peak.
Despite outflows, Bitcoin's price remains stable.
Conflicting reports about China's stance on Bitcoin include potential accumulation versus selling 15,000 BTC offshore.

Investors are closely monitoring both gold and Bitcoin as safe-haven options amid rising US-China economic tensions.