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Gold Reaches All-Time High as Bitcoin Breaks Above $11k
The precious metal has gained roughly 28% this year. Bitcoin is up 13% in 24 hours.
By Zack Voell
Updated Sep 14, 2021, 9:36 a.m. Published Jul 27, 2020, 10:42 p.m.
The price of gold reached a new all-time intraday high of $1,942 Monday, extending a rally that started in 2019.
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- A record high for the yellow metal comes during an approximately 28% rally since January.
- Gold’s previous record high of $1,924 was reached on Sept. 6, 2011.
- Bitcoin, often viewed as digital gold, soared to $11,400 as the stalwart cryptocurrency keeps pace with gold.
- Bitcoin gained more than 13% over the past 24 hours, according to OnChainFX.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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