The crypto market ended the week on a negative note as Bitcoin slid back below $64,000 while the broader altcoin market and stocks recorded losses.Company with lithium in NWT can see pegmatites from space - Li-FT Power CEO Francis MacDonald
- Lithium futures are trading higher, and Asian battery manufacturers are saying demand will surprise to the upside, says Francis MacDonald, CEO and director of Li-FT Power . - As inflationary pressures mount and the Federal Reserve tightens its grip on interest rates, gold's appeal as a safe-haven asset intensifies.
The Bitcoin ETFs have established multiple records, led by IBIT and FBTC, and while a recent reduction in flows has led to weakness for BTC, analysts say it’s only temporary, and the uptrend will resume shortly.Bears reasserted themselves on Friday, pushing Bitcoin back below $63,000 in early trading as four straight days of ETF outflows are negatively affecting BTC price.
- The Federal Reserve’s signal that it still sees the potential for three rate cuts this year, even as inflation remains above its 2% target, has helped propel gold prices to new record highs. – As Turkey struggles with runaway currency devaluation and astronomical inflation, the country is seeing record levels of gold smuggling as citizens’ desperate demand drives local precious metals premiums through the roof.
- The disconnect between gold prices and gold equities are explained by central bank precious metal purchases, said Wheaton Precious Metals CEO Randy Smallwood. – The Chinese government’s true gold holdings are more than double the official numbers, and the country’s sovereign and citizen purchases have made China the dominant force in precious metals markets, according to a new analysis by Gainesville Coins’ Jan Nieuwenhuijs published on Thursday.
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Cryptos soar, stocks slide as Bitcoin ETFs and inflation worries drive market splitThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
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