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It appears that Bitcoin will not go alone during this critical period of ongoing geopolitical turmoil, with gold losing everything it had gained over the past three months and following Bitcoin’s decline.
Gold prices have fallen sharply this week, with the precious metal down about 8%, hitting its lowest level in ten weeks at about $4,550 an ounce, and down about 15% from its highest level in January.
Gold’s performance disappointed despite rising geopolitical tensions as it was expected to function as a safe-haven asset, but followed similar trends as Bitcoin and other riskier assets.
Analysts attributed gold’s underperformance to a stronger U.S. dollar and rising bond yields, making the metal less attractive.
Experts also note that gold may not always be a reliable hedge in the short term, especially if liquidity tightens.
On the other hand, Bitcoin exchange-traded funds (ETFs) performed strongly, recording approximately $2.5 billion in inflows during the month despite market volatility, while Bitcoin prices stabilized above $70,000 in a sideways upward trend.
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