Gold Price Drops Nearly 10% While Bitcoin Rallies to $97,000
Recent market movements suggest a shift from gold to bitcoin.
- Gold peaked at over $3,500 per ounce on April 21 but has since dropped nearly 10% to just above $3,200.
- Bitcoin rose about 10%, reaching a two-month high of $97,000.
- Standard Chartered's Geoff Kendrick stated that bitcoin may serve as a better hedge against asset reallocations than gold.
- ETF inflows into bitcoin have surpassed those for gold, marking a significant trend reversal.
- Historical data indicates that the last time bitcoin ETF inflows exceeded gold's margin was during the U.S. presidential election, followed by a price increase of over 40% within two months.
