What Is Going On With Gold and Bitcoin?
Naeem Aslam | May 23, 2023 04:25AM ET
In the markets for cryptocurrencies, traders' enthusiasm is continuing to wane as Bitcoin and Ether both lose further ground. Bitcoin is headed in the direction of having one of its worst monthly performances of this year, and Ethereum is following in Bitcoin's footsteps by heading in the same direction. Bitcoin is now trading at a monthly loss of almost 8%, while Ethereum is currently trading at a monthly loss of around 5%.
Bitcoin, on the other hand, is its own unique beast and has the ability to increase by more than 10% in a single day without experiencing any difficulties. However, such an event has not occurred with Bitcoin for quite some time, which is beneficial to the general investing narrative around Bitcoin since some investors have always been scared of the cryptocurrency's volatility.
h2 Gold Loses More Ground/h2Gold (Spot gold) is continuing its downward trend, and the price is now trading much lower than its low from the previous day. The question of whether or not the United States will stop increasing its interest rate is the one that traders are concentrating on the most at the moment.
As of the previous day, Neil Kashkari, president of the Minneapolis Federal Reserve, said that it would be a very tight call if the United States does not boost the interest rate any higher in the month of June. Traders should take this as a sign that few people are interested in pausing their interest, and the United States economy may see more slowdown as a result of this mindset.
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