The price of gold has surged, causing virtual asset prices to show mixed trends. This is because virtual assets are generally recognized as alternatives to gold.
As of 8:02 a.m. on the 29th, Bitcoin is trading at $112,390, up 0.86% from 24 hours ago, according to the global coin market tracking site CoinMarketCap. In contrast, Ethereum, the second largest by market capitalization, is trading at $4,509, down 0.37%. Ripple, the third largest, is also down 0.55% at $2.96.
On this day, while the U.S. stock market showed a broad increase due to favorable domestic gross domestic product (GDP) data, the weakness in virtual assets is interpreted to be a result of the surge in gold prices. Gold futures rose about 1% on the New York Mercantile Exchange (COMEX), skyrocketing to around $3,500 an ounce, nearing an all-time high.
It seems that demand for gold, a safe-haven asset, has surged as President Trump pressured the Federal Reserve by notifying the dismissal of Governor Lisa Cook.