Bitcoin closer to equities than gold as Middle East war deepens
Gold brushed its all-time highs amid Middle East tensions, while analysts say BTC still trades more like a risk asset than a safe haven.
The price of gold is nearing its all-time high as tensions in the Middle East escalate, but analysts say they’re doubtful Bitcoin will do the same as investors prioritize other safe-haven assets.
The price of gold rose to $3,450 per ounce on Monday, just $50 shy of its all-time high of just below $3,500 in April, according to TradingView.
The usually slow-to-move asset has gained a whopping 30% since the beginning of the year, catalyzed by US President Donald Trump’s trade tariffs and, more recently, an escalation of military action in the Middle East following an Israeli missile strike on Iran on June 13, which caused Bitcoin prices to fall.