Gold

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Gold’s lower volatility than Bitcoin gives it an edge when the markets wander in uncertainty, Maruf Yusupov, co-founder of the gold-backed stablecoin Deenar, told crypto.news. 
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 “The reasons for this Bitcoin trend are not far-fetched and are hinged on the uncertainty surrounding the potential Interest Rate cut from the US Federal Reserve.” <cite>Yusupov added.</cite>
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The fall of the Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) price below the $60,000 mark on Sept. 15 triggered fears of another downfall among investors. Meanwhile, gold’s steady upward momentum made it a better investment alternative since “investors are still cautious of general uncertainty,” Yusupov says. 
Gold recorded a 0.04% over the past day and is trading at $2,584 at the reporting time, per <a href="https://tradingeconomics.com/commodity/gold" target="_blank" rel="nofollow">data</a> from Trading Economics. The asset even reached an all-time high of $2,589 yesterday while Bitcoin was struggling around the $58,000 zone — down by 22% from its ATH of $73,750. 
 You might also like: <a rel="" href="https://crypto.news/ethereum-price-drops-to-a-41-month-low-against-bitcoin/"> Ethereum price drops to a 41-month low against Bitcoin </a> 
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 “The limited volatility of Gold has made it an attractive alternative in the push to hedge against the underlying uncertainty.” <cite>Yusupov said.</cite>
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Per a crypto.news report, spot BTC exchange-traded funds <a href="https://crypto.news/how-crypto-etfs-challenge-257-billion-gold-etfs-legacy/" target="_blank">surpassed</a> the $61 billion mark in terms of total assets under management, reaching 25% of the gold ETF AUM’s $257 billion in six months. 
Notably, the recent market-wide turmoil and mixed sentiment toward the U.S. Fed rate cut brought increased outflows, with BlackRock surprisingly joining the outflow trend.&nbsp; 
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 “Though it is too soon to claim that traditional investors are moving toward gold, the market data generally favors this theory.” <cite>Yusupov argues.</cite>
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Bitcoin recorded a 0.24% dip in the past 24 hours and is trading at $58,500 at the time of writing. The cryptocurrency market cap <a href="https://www.coingecko.com/en/global-charts" target="_blank" rel="nofollow">declined</a> by 1.2% and is currently sitting at $2.13 trillion, according to CoinGecko. 
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 <img loading="lazy" decoding="async" width="1162" height="681" src="https://crypto.news/app/uploads/2024/09/BTCUSDT_2024-09-17_11-26-34.png" alt="Gold looks more attractive than Bitcoin in hard times - 20" class="wp-image-14298207">
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 BTC price – Sept. 17 | Source: <a href="https://crypto.news/price/bitcoin/" target="_blank">crypto.news</a>
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The downward momentum comes amid mixed reactions toward the expectations of a 50 basis point <a href="https://crypto.news/crypto-investment-products-see-436m-inflows-as-rate-cut-speculation-grows/" target="_blank">rate cut</a> by the U.S. Fed. 
 Read more: <a rel="" href="https://crypto.news/sen-warren-advises-75bps-fed-cut-on-recession-fears/"> Sen. Warren advises 75bps Fed cut on recession fears </a>

Gold looks more attractive than Bitcoin in hard times

crypto.news

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