Bitcoin Faces Downward Pressure as Gold Approaches Record High

Gold’s steady ascent continues as it nears $3,500, while Bitcoin remains under significant pressure.

What to Know

• An early rally for crypto on Thursday was thwarted during U.S. afternoon hours.
• Simultaneously, gold advanced, getting close to a new record high.
• Recent macroeconomic factors boosting gold have not benefited Bitcoin in the same way.

Bitcoin, once breaking above $113,000, fell back to around $111,800 late in the day, representing a decline of about 0.7% over the past 24 hours. The sell-off was also observed in ether and XRP, which decreased by 2.1% and 1.4% respectively.

In contrast, Solana’s SOL emerged as a star performer, climbing 3.1% during the same timeframe. The current value of gold sits at $3,477, not far from its record high of $3,534 reached earlier this month amid concerns that potential tariffs on Swiss gold bars would be enacted.