Gold reaches all-time high on Friday the 13th, impacting Bitcoin negatively

From Investing.com

September 13, 2024 3:00:23 pm:

On Friday the 13th, gold reaches a new all-time high of $2,600, declared lucky for gold investors by Peter Schiff. However, BTC investors are considered out of luck as gold prices surge. Record prices signal possible inflation, unemployment, rising interest rates, and recession on the horizon, impacting both gold and Bitcoin.

The anticipation of the Federal Reserve cutting rates may boost gold’s rally, historically shown to perform well in times of monetary change. Comparisons drawn with the 2007 Fed rate cut resulting in a 45% surge in gold prices. Bitcoin, often dubbed as digital gold, has yet to serve as a safe haven compared to traditional gold.

Market participants view Bitcoin and cryptocurrencies as beta to tech stocks, unlike the stability associated with gold. Performance of the NASDAQ may be more critical to Bitcoin’s movement than gold currently, with both tech stocks and digital assets susceptible to free-falling in a recession.

Read more at Investing.com: Peter Schiff Frightens Bitcoin Investors and Americans With Friday the 13th By U.Today