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Gold-Backed Tokens Steady in $19B Crypto Rout Amid Potential Rally Exhaustion
Amid a $19 billion liquidation event affecting major cryptocurrencies like Bitcoin and Ethereum, gold-backed digital assets showed resilience, aligning with the precious metal's rally.
- Tether’s XAUT and Paxos’ PAXG held steady or gained slightly as broader crypto markets fell.
- Bitcoin dropped 8.5% over 24 hours; the CoinDesk 20 index indicated a 12.75% fall in the wider crypto market.
- PAXG saw a minimal decline of 0.23% to $3,998, while XAUt rose by 0.2% to $4,010. A troy ounce of gold closed near $4,018.
- Year-to-date, these tokens have surged over 50%, benefitting from gold’s historic rally.
- Gold prices might be approaching a peak after eight weeks of continuous growth, potentially leading to a correction phase.
In the broader crypto market, recovery may be slow due to liquidity constraints, weekend ETF closures, and cautious market maker behavior. U.S.–China trade tensions add further uncertainty.
Authors credited by the source: Francisco Rodrigues
Published by Holder based on an external source.
