The value of cryptocurrency experienced a notable increase, climbing nearly 4% in just one day after it had dipped below $110K over the weekend.
Bitcoin and Gold Surge: Bitcoin Reaches $114K as Gold Achieves Its 38th Record This Year
This year alone, gold has set a new all-time high for the 38th time, according to the Kobeissi Letter. On Monday, it rose to $3,830. Similarly, bitcoin saw an upward trend by reaching $114K after experiencing a downturn over the weekend. However, this figure remains approximately $10,000 short of BTC’s peak at $124,457.12 recorded last month.
Gold’s recent rise is attributed to a declining dollar and looming concerns about a potential U.S. Federal government shutdown due to ongoing financial disputes between Republicans and Democrats. “These people are crazy,” remarked U.S. President Donald Trump regarding Democrats’ stance on budget negotiations at the White House press briefing.
The national debt of the United States has soared to an astonishing figure of $37.47 trillion as per official data from government sources. The U.S dollar index saw a decline of 0.23% within the past day. This index assesses how strong or weak the U.S. dollar is compared with other major global currencies.
Factors such as fiscal instability in America coupled with diminishing dollar strength alongside prospects for interest rate reductions in October & December have collectively driven investors towards safer assets like gold leading its extraordinary ascent while also causing modest upticks within digital currency markets too ironically propelling American bullion reserves valued above $1 trillion mark now comprising roughly 8,133.46 metric tons total weight-wise across countrywide holdings therein presently speaking overall thus far reported accordingly herein stated previously mentioned earlier before hand originally noted prior thereto referenced heretofore mentioned hereinabove likewise additionally included furthermore hereinafter described below subsequently thereafter outlined forthwith henceforth following immediately thereafter continuing onward throughout remainder thereof discussed further down next paragraph subsequent section onwards continuing henceforward moving along 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