Virtual Assets Drop as Gold Price Surge Slows
Bitcoin Falls 1.55% to $121,562 as Gold Futures Plunge 2.39% on Profit-Taking
The upward trend in gold prices has slowed, leading to a collective decline in virtual assets. At 8:28 a.m. on the 10th, Bitcoin was trading at $121,562, down 1.55% from 24 hours earlier, according to global cryptocurrency market tracker CoinMarketCap. Ethereum fell 3.56% to $4,369, while Ripple dropped 2.98% to $2.8.
The decline in virtual asset prices is linked to a sharp drop in gold futures. At the same time, gold futures on the COMEX fell 2.39% to $3,973 per ounce. The previous day, gold futures had surpassed $4,000 per ounce.
The sharp decline in gold prices is attributed to a surge in profit-taking following recent rapid gains. As gold prices plummeted, cryptocurrencies, which had recently shown coupling (synchronization) with gold, also declined.
