Bitcoin

Gold

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According to data provided by CryptoQuant, Bitcoin has <a href="https://x.com/cryptoquant_com/status/1834582650863985143">decoupled</a> from gold.&nbsp;
While the Bitcoin price is down substantially from its record peak that was achieved in March, the yellow metal recently hit a new record peak. Earlier today, it rallied to $2,800 per ounce.&nbsp;
Gold has been rallying ahead of the U.S. Federal Reserve's widely expected rate cut that is expected to take place later this September.&nbsp;
According to the betting site Polymarket, traders are now pricing in a 36% chance of a 50-basis point rate cut. Of course, a 20-basis point rate cut remains the likeliest scenario so far.
Notably, palladium has also reached a two-month high, surging to $1,050 per ounce.&nbsp;
Meanwhile, Bitcoin is up a rather modest 1% over the past 24 hours, touching the $58,500 level. At press time, the cryptocurrency is down 20.6% from its record high of $73,737.
According to CryptoQuant, the negative correlation has emerged due to a risk-averse interest rate environment. The firm has noted that investors are actually leading toward traditional safe-haven assets like gold.&nbsp;
<h2 id="a-lucky-day">A lucky day</h2>
Prominent financial commentator Peter Schiff, who is best known for his aversion toward Bitcoin, jokingly noted that Friday the 13th is actually a lucky day for gold investors given that the yellow metal has hit a new record high.
Schiff also gloated over Bitcoin's underperformance, claiming that speculators are "out of luck."&nbsp;
Earlier this week, Schiff <a href="https://u.today/peter-schiff-reacts-to-bitcoin-price-surge-past-66000">opined</a> that those who want to buy Bitcoin in 2024 are "very late" to the party.&nbsp;

Bitcoin Decouples from Gold. Key Reason Why

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