Gold Hits $2,622 High, Up 27%, as Bitcoin Surges to $64K Following Fed Rate Cut

Sep 23, 2024, 06:30 AM

Gold has reached a new all-time high of $2,622 per ounce, marking a 27% increase in 2024, driven by geopolitical uncertainties and central bank purchases. Meanwhile, Bitcoin has also shown impressive performance, starting the year at $42,200 and recently peaking at $64,000. The surge in Bitcoin's price follows the U.S. Federal Reserve's decision to cut interest rates by 50 basis points, which has fueled optimism in the crypto market. Bitcoin ETFs have seen significant weekly inflows, totaling $397.2 million, while Ethereum ETFs experienced outflows of $26.2 million. The SEC has approved options on BlackRock’s Bitcoin ETF, and BNY Mellon has been approved to custody Bitcoin. Analysts predict that Bitcoin could climb as high as $172,000 by year-end, driven by historical patterns of rallies following halving cycles. Bitcoin surged 8.5% this week, reaching a high of $63,800. Digital asset investment products saw $321M in inflows last week, with Bitcoin driving the surge for the 2nd consecutive week.