Recently, the gold market has experienced a real run, with prices reaching an all-time high of over $2,400 per ounce. This surge drew a flood of customers to a Brooklyn pawnshop, it was reported.
Gene Furman, the establishment’s owner, has seen a significant increase in activity, with sales volume tripling compared to previous months. “People are using gold as an ATM they never had,” he shared.
Meanwhile, in the world of cryptocurrencies, Bitcoin (BTC) has also been the subject of attention. Just like gold, Bitcoin is a resource that is not consumed, but accumulated. With recent demand driven primarily by spot ETFs, Bitcoin has seen its value soar nearly 70% in 2024, reaching new records above $73,000. However, the momentum has cooled, and prices have retreated more than 10% since then.
The debate about the reasons for this retraction is intense. Over the past month, despite continued demand for ETFs, sellers have been more active, potentially putting downward pressure on prices. The enigma continues, especially now that, with the Bitcoin “halving” event, the daily production of the digital asset will be reduced by half, going from 900 to 450 Bitcoins per day.
Interestingly, the rising price of Bitcoin has encouraged long-time holders to become sellers. Recently, a cryptocurrency pioneer transferred 50 Bitcoins, mined in 2010 and now valued at around $3 million, to the Coinbase exchange, indicating potential interest in selling. This move echoes a similar case that occurred in December, when more than 1,000 Bitcoins were transferred from an address that had been inactive for 13 years.
On the other hand, Tobina Kahn, president of House of Kahn Estate Jewelers, commented on the gold situation. “It’s very busy and we’re getting more calls than ever about customers wanting to bring in their jewelry,” she reported. Kahn advises his clients to take advantage of unprecedented price levels to make profits.
The current gold and Bitcoin scenario provides a fascinating compare-and-contrast study, where market dynamics and investor reactions offer valuable lessons for cryptocurrency enthusiasts.
At the time of publication, the price of BTC was quoted at US$62,813.77 with a drop of 2% in the last 24 hours.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/clientes-vendem-ouro-enquanto-bitcoin-perde-forca-uma-analise-do-mercado-atual/
