Gold was the odd asset out on Monday, while stocks and cryptos rallied higher to start the week as investors embraced a risk-on sentiment despite persistent concerns about the future of interest rate cuts amid ‘sticky’ inflation. Bitcoin tickers down $65,500 tagged $66,000 after the Oct. 14 Wall Street open as whale-buying pressure fueled already buoyant crypto markets.
Gold price lags behind
The gold market is a bit choppy in early Monday trading, but at this point in time, it should be obvious that we are still very bullish and will more likely than not continue to be. Value hunters are most certainly going to be involved on dips.
Gold price declined on Monday as extensive economic stimulus measures in China, the world’s largest consumer of bullion, failed to inspire investor confidence. Additionally, a rally in the U.S. dollar to two-month highs limited any upward momentum. Spot gold decreased by 0.2%, reaching $2,649.98 per ounce by 2:35 PM ET (6:35 PM GMT), after peaking at its highest level in over a week earlier in the day. Meanwhile, U.S. gold futures settled 0.4% lower at $2,665.60.
Phillip Streible, chief market strategist at Blue Line Futures, noted that gold is facing “a lot of little headwinds,” including China’s stimulus measures, a stronger dollar, a weaker euro, declining base metals prices, and profit-taking activities. The recent record rally in gold prices has also dampened investor sentiment and reduced bullion demand in China. A stronger dollar makes gold pricier for holders of other currencies.
Zain Vawda, a market analyst at MarketPulse by OANDA, pointed out that Chinese economic data presents a mixed picture. While weak data could diminish gold demand, a broader slowdown in China might unsettle markets, thereby increasing gold’s appeal as a safe-haven asset.
BTC price surge takes market beyond $66,000
Data from Cointelegraph Markets Pro and TradingView revealed that Bitcoin (BTC) price gains were approaching 5% for the day.
Building on the momentum from late last week, BTC/USD neared two-week highs as U.S. buying activity intensified, particularly during the Asia trading session.
Examining exchange order book liquidity on X, trading resource Material Indicators highlighted that Bitcoin whales are “buying Bitcoin again” at current levels.
The commentary noted, “We’re watching to see if brown Mega Whales appear with a significant market order to break through the sell wall at $65.5k.”
On October 14, publicly traded crypto-linked companies in the United States experienced gains as Bitcoin surged 6% to briefly reach $66,400, marking its highest price since July 30.
Bitcoin (BTC) is currently priced at $65,538. Miner CleanSpark (CLSK) led the day’s performance, closing up 12.72% at $10.81 and rising another 1.72% after hours to $11, according to Google Finance data.
Following closely was crypto exchange Coinbase (COIN), which ended the day with an 11.3% gain, closing at $196.35—a seven-week high—and climbing 1.71% to $199.70 in after-hours trading.
Crypto miner IREN (IREN), previously known as Iris Energy, also recorded impressive gains of 10.21%. Competitors TeraWulf (WULF) and MARA Holdings Inc (MARA), formerly Marathon Digital, saw increases of 6.65% and 5.6%, respectively.
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