Summary
- It was reported that Chinese investors sold gold on a large scale ahead of Labor Day, causing gold prices to drop significantly.
- There is an opinion that Bitcoin could emerge as a preferred asset as a reflection of this gold sell-off.
- At the same time, it was stated that the price of Bitcoin rose by 2.46% from the previous day.
Ahead of one of China's biggest holidays, Labor Day, gold prices are on a downward trend. Some suggest that Bitcoin (BTC) could benefit from this decline as a reflection.
On the 2nd (Korean time), The Defiant reported that Chinese investors sold off gold amounting to one million ounces ahead of Labor Day. As a result, the gold futures price, which hit an all-time high of $3,500 in mid-April, is currently at $3,245.56, down 2.49% from the previous day as of 7:51 AM, according to Investing.com.
The Defiant stated, "This gold sell-off is one of the largest ever," and added, "There is an opinion that Bitcoin could establish itself as a preferred asset due to this sell-off."
Meanwhile, at the same time, Bitcoin is trading at $96,429, up 2.46% from the previous day, according to CoinMarketCap.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
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