Matrixport: Cryptocurrency traders are increasingly allocating to tokenized gold
Jinse Finance reported that Matrixport's daily chart analysis indicates that since the US Congress approved a $5 trillion increase in the debt ceiling, the US has issued $1.2 trillion in new debt—one of the key factors driving gold prices higher. Another factor is the growing influence of Trump on Federal Reserve decision-making, as he is actively pushing his preferred candidates into the Fed, and these individuals may soon hold a majority of seats at the Federal Reserve. Meanwhile, cryptocurrency traders are increasingly allocating to tokenized gold, continuously injecting new capital into this asset and re-establishing gold's status as a viable asset class. Given the close relationship between gold and bitcoin, traders will continue to seek alternative stores of value, especially as confidence in US fiscal discipline remains under pressure.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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