Gold Just Had Its Worst Day in 12 Years — Will Bitcoin Benefit?
Gold experienced its steepest one-day drop in over 12 years, leading analysts to speculate on a capital rotation into Bitcoin.Summary
Gold recently experienced a massive correction, plunging over 6% on October 21st, marking its sharpest single-day decline since 2013, after hitting a record high of $4,381 per ounce. Professional trader Peter Brandt noted this drop wiped out an estimated $2.1 trillion in market capitalization. Concurrently, Bitcoin (BTC) gained momentum, trading at $108,491. Analysts, including Ash Crypto and Anthony Pompliano, suggested this divergence signals a significant capital rotation from the traditional safe-haven asset, gold, into Bitcoin. Market research firm Swissblock pointed out historical precedents where gold's decline preceded a Bitcoin breakout. This shift has renewed discussions about Bitcoin's long-term potential to eventually surpass gold, as previously predicted by figures like Binance founder CZ.
(Source：BeInCrypto)