Crypto News- In a historic turn of events, Bitcoin (BTC) soared to unprecedented heights on March 5, breaching the $69,200 threshold for the first time ever. This remarkable achievement coincided with a monumental milestone in the traditional financial sphere, as gold also reached its peak value on the same day.
According to data sourced from TradingView, the spot price of gold surged past its previous record, hitting $2,130 around 1:30 pm UTC, eclipsing its earlier highs of around $2,000 established in early December.
Within a span of fewer than two hours, Bitcoin too made history by smashing through its previous all-time high, reaching an astounding price point of $69,210 by 3:00 pm UTC. Notably, Bitcoin’s last peak at $69,000 dates back to November 9, 2021, marking a significant leap over two years.
Dual Triumph: Bitcoin and Gold Surge to Unprecedented Price Peaks on Converging Trajectories
This synchronicity between Bitcoin and gold, both achieving unprecedented highs simultaneously, is a first since the inception of Bitcoin in 2009, as indicated by price charts.
The community wasted no time in interpreting these developments as yet another blow to fiat currency, a sentiment often echoed given Bitcoin and gold’s status as potential hedges against inflation and fiat devaluation.
Analysts speculate that the surge in both assets is fueled by expectations of future interest rate cuts to manage burgeoning sovereign debt levels. Matthew Weller, the global head of research at StoneX, highlighted various factors driving this trend, ranging from elevated risk appetite and persistent inflation to geopolitical tensions in key regions like the Middle East and Eastern Europe.
Bitcoin’s remarkable ascent is attributed to anticipation surrounding the upcoming quadrennial halving event and substantial inflows into spot BTC exchange-traded funds in the United States.
Billionaire investor and Shark Tank star Mark Cuban expressed his unequivocal preference for Bitcoin over gold, emphasizing his stance in a recent CNBC interview. However, this sentiment wasn’t without its detractors, with prominent gold advocate Peter Schiff rebuffing Cuban’s assertions.
At the time of writing, Bitcoin has surged by an impressive 52% year-to-date, according to CoinGecko data, while spot gold has seen a more modest uptick of around 2% since the start of the year.
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