Bitcoin Catches Bid, Jumping Above $112K as Gold and Silver Plunge
Bitcoin rebounded above $112,000 as gold and silver experienced their steepest declines in years.Summary
Bitcoin experienced a significant rebound on Tuesday, jumping above $112,000, as precious metals gold and silver posted major daily declines, reversing their recent record rally. Gold fell 5% to $4,130, its largest daily drop in years, while silver tumbled nearly 8%. These metals had previously surged due to central bank easing, trade tensions, and credit stress, catalysts that had largely failed to boost Bitcoin, which had been range-bound. Analysts like Quinn Thomson and Charlie Morris have suggested that Bitcoin was poised to catch up to gold's rally once the precious metal consolidated. At press time, Bitcoin was trading around $112,700, gaining 1% over 24 hours, while Ether also bounced back above $4,000 despite being down 2.4% in the same period.
(Source：CoinDesk)