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An Iranian drone and missile attack in the Middle East stirred the crypto universe and skyrocketed PAXG Price to $2.9K.&nbsp;&nbsp;
The ongoing tensions in the Middle East have stirred the cryptocurrency universe by spiking the price of PAXG to $2.9K on April 13, 2024. However, Bitcoin traded at the perfect opposite end to PAX Gold (PAXG), indicating a weak demand. The Middle East tensions affect the cryptocurrencies differently.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<h2 class="wp-block-heading" id="strong-middle-east-tensions-raising-questions-on-cryptocurrency-strong">Middle East Tensions Raising Questions on Cryptocurrency&nbsp;</h2>
On Sunday, the gold-backed digital asset from Paxos (PAXG) showcased a record-breaking performance and crossed its all-time high amid the rising tensions in the Middle East.&nbsp;&nbsp;
According to CoinMarketCap data, On April 14, 2024, the PAGX token was trading at $2,906.75 with $55.63 Million in 24-hour volume. Bitcoin (BTC), on the other hand, dropped from $67,500 to $62,700 within a few hours.&nbsp;
Bob Elliott, co-founder and CEO of Unlimited Funds and former executive of Bridgewater, took on the social media platform X to highlight the same.&nbsp;
<blockquote class="twitter-tweet">
 Bitcoin may be many things, but it is not a geopolitical hedge. This weekend was another good empirical test. BTC traded with a near perfect negative correlation over the last day to <a href="https://twitter.com/search?q=%24PAXG&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$PAXG</a>, a gold backed token. If anything it's becoming an even worse hedge over time. <a href="https://t.co/YH4NdJ9JMM" rel="noopener noreferrer nofollow">pic.twitter.com/YH4NdJ9JMM</a>— Bob Elliott (@BobEUnlimited) <a href="https://twitter.com/BobEUnlimited/status/1779512399420080564?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 14, 2024</a>
</blockquote>
“Bitcoin may be many things, but it is not a geopolitical hedge,” Elliott added.&nbsp;
According to Elliot, the weekend was a good empirical test as PAXG traded upward, and BTC, on the other side, showcased a negative trend, indicating an even worse hedge over time.&nbsp;
The gold-backed digital asset, PAXG, rose as high as $2,906.75 on Sunday, trading at a premium of around 20% to the yellow metal’s per-ounce price of $2,342.90 at Friday’s New York close.
PAXG is considered the world’s second-largest tokenized gold coin, with a market cap of over $446 million. Tether Gold (XAUT) is the leader on the list, with a market cap of $581.9 million.&nbsp;
Furthermore, Gold has spiked by 8% in the past few weeks while the big cheese of the <a href="https://www.thecoinrepublic.com/2024/04/08/how-precise-is-the-prediction-of-ripples-ceo-on-crypto-market/" target="_blank" rel="noopener noreferrer nofollow">crypto market</a>, BTC, dropped by over 10%.&nbsp;&nbsp;&nbsp;
Glassnode on-chain analyst “Checkmatey” responded to Elliot, stating that individuals comparing the price of an illiquid gold token with Bitcoin are unserious market commentators.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<figure class="wp-block-image size-large is-resized"><a href="https://w3wc.io/?no" rel="noopener noreferrer nofollow"><img decoding="async" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/04/freecompress-1440x90-gif-1-1.gif" alt="" style="width: 100%;height:auto"></a>
</figure>
<h3 class="wp-block-heading" id="strong-bitcoin-vs-paxg-strong">Bitcoin Vs. PAXG&nbsp;&nbsp;</h3>
At the time of writing, BTC is trading at $66,713.59, after a spike of 3.77% in the past day, and holds $1,313,022,386,745 in market cap. Also, BTC has a 24-hour volume of $43,079,376,412.&nbsp;
On the other side, PAX Gold holds a current price of $2,358.53, after a surge of 1.61% in the past 7 days. The gold-backed digital asset has a market cap of $430,698,894 and $49,159,698 in 24-hour volume.&nbsp;
PAXG recorded its all-time low of $1,387.98 on October 27, 2019, whereas the all-time high was recorded at $2,906.75 On April 14, 2024.

Middle East Tensions Spiked PAXG Price; It Hit $2.9K in a Week

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