Dogecoin, Cardano Lead Selloff on Profit-Taking, Gold Pulls Back as China Ends Tax Rebate
Major cryptocurrencies like Dogecoin and Cardano fell 5% amid profit-taking, while gold retreated after China ended tax rebates for gold retailers.Summary
Major cryptocurrencies, including Bitcoin, Dogecoin, and Cardano (ADA), experienced a selloff of up to 5% at the start of the week, continuing a poor run following October's worst performance since 2015. This drawdown appears driven by profit-taking, as long-term Bitcoin holders who bought near $93,000 are realizing gains, with Bitcoin failing to hold above $113,000, signaling waning momentum. Concurrently, gold prices pulled back around $4,000 per ounce after China announced it would end value-added tax rebates for certain gold retailers, potentially dampening demand in the major bullion market. Despite these short-term dips, both gold and Bitcoin show strong year-to-date gains, and their correlation has strengthened as they react to monetary policy shifts and geopolitical stress.
(Source：CoinDesk)