Risk-heavy bitcoin falls while gold soars

Gold is soaring, largely driven by investors flocking to safe-haven assets, while risk-filled bitcoin is taking a dive, market watchers said Monday. They said the precious metal is expected to continue its monthslong record-breaking rally, unlike cryptocurrencies set to tank to $70,000 amid cyclical downturn. “Investors are turning to traditional safe-haven assets, prodded by global trade tensions and heightened geopolitical risks,” Standard Chartered Korea strategist Hong Dong-hee said. “Months of uncertainties involving U.S.-China trade relations have driven demand for gold. Further, central banks are increasing their gold reserves, indicating the precious metal’s strength as a hedge asset in times of uncertainty.” In addition, an increasing number of investors is being attracted to limited volatility of gold, Hong said. “Gold investors tend not to seek immediate short-term rapid gains, compared to equity or crypto investments, for example. Rather, an increase in holdings of gold signals that it is considered a reliable source of investment during unstable market conditionWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times