Bitcoin BTC$112,463.21 The auctions are taking place on Tuesday amid a major reversal of a record high in precious metal prices.
Gold fell 5% to $4,130, its biggest single-day drop in years. Silver also fell nearly 8%. Metal prices have soared over the past few months on the back of central banks moving into monetary easing mode, U.S.-China trade tensions, and signs of liquidity and credit stress in the financial system. But frustratingly for Bitcoin bulls, these catalysts have provided little boost to the world’s largest cryptocurrency, which has been stuck in a narrow range for months with a few brief exceptions.
Bitcoin fell below $108,000 overnight, but has rebounded to $112,700 at the time of writing, up 1% in the past 24 hours. ether Ethereum$4,034.58 It also erased overnight losses and rebounded above $4,000, but fell 2.4% in the same period.
Quinn Thomson, founder of hedge fund Wrecker Capital, said last week that BTC is poised to catch up with gold’s rally. Charlie Morris, chief information officer (CIO) of ByteTree, also argued that there will be a time for Bitcoin to rise when the gold market turns solid.
Read more: Bitcoin’s October slowdown masks strength, analysts predict gold’s catch-up
