Gold Breaks Records, Bitcoin Follows: Gold surged past $3,500 per ounce, while Bitcoin regained the $110,000 mark. Crypto advocates view the strength of gold as a positive precursor for BTC. Earlier this year, gold reached record highs first — followed shortly after by Bitcoin. The current gold rally is being fueled by speculation over a potential Federal Reserve rate-cut cycle, reinforced by Fed Chair Jerome Powell’s remarks at Jackson Hole.
Digital Gold Narrative Gains Momentum: Bitcoin bulls are also cheering gold’s rally. As many consider BTC a superior version of gold due to its portability and divisibility, they aim for Bitcoin’s market capitalization to eventually rival that of the precious metal. Global above-ground gold reserves are estimated at more than $24 trillion, while Bitcoin’s market cap stands at around $2.2 trillion — leaving room, according to analysts, for a potential tenfold increase in BTC’s price.
WLFI Stumbles Despite BTC Recovery: Meanwhile, Trump-linked DeFi project WLFI has plunged more than one-third from its post-launch peak. The team has now proposed a buyback-and-burn program using 100% of protocol fees, aiming to reduce circulating supply and stabilize the token’s price.
Altcoin Market Mixed: Broader altcoin performance has been muted, with only a few tokens — including PUMP, SKY, and ENA — significantly outperforming Bitcoin over the past 24 hours.
Macro Drivers Ahead: Investors are eyeing key U.S. economic data this week. Tuesday’s manufacturing PMI, Thursday’s ISM services index, and Friday’s jobs report with the latest unemployment figures are expected to have major implications for Bitcoin and the wider crypto market.
Tokenized Gold as an Option: For those wanting gold exposure without logistical hurdles, gold-backed tokens are emerging as an increasingly attractive investment alternative.
Earlier, FORECK.INFO reported that Bitcoin’s weekly close above $114,000 could signal the continuation of a major rally