World’s Biggest Bank Bets on Gold, Shuns 2016’s Top Currency
The world of traditional finance can be a very strange creature at certain times. With the Chinese economy facing a devaluing Yuan and a major stock market issue, people are wondering how long it will take until the country’s economy implodes. Meanwhile, China’s (and the world’s) largest bank has just bought a lease on a huge London-based bullion vault....
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The largest cryptocurrency also recently beat the world's three biggest banks by market cap, data confirms. Bitcoin (BTC) did more than hit $60,000 per coin last week — it also became worth more than the world’s three biggest banks combined.According to publicly available data, the largest cryptocurrency surpassed the three highest-valued global banking giants by market capItalization.Bitcoin market cap blasts past financial stalwartsAt its all-time highs of $61,700, Bitcoin’s market cap was roughly $1.15 trillion. The combined market cap of JPMorgan, Bank of America and The Industrial and....
According to the World Gold Council’s (WGC) latest quarterly report, worldwide gold demand, excluding over-the-counter (OTC) markets, was 28% higher year-over-year. While demand jumped higher than last year in the third quarter, central bank gold buying tapped an all-time quarterly record in Q3 2022. The quarterly report indicates that the world’s central banks purchased close to 400 tons of gold and the WGC study says that it’s the “most on record.” Q3 2022 Data Shows the World’s Central Banks Stacked Close to 400 Tons of Gold On Nov. 1, 2022, the World Gold Council (WGC)....
Amid the Ukraine-Russia conflict, the Russian ruble has managed to rebound despite the strict sanctions imposed against the Russian Federation. The country’s central bank has taken a few steps to protect the nation’s currency as the Bank of Russia revealed a fixed price for gold and rubles. Furthermore, after pegging the fiat currency to gold, on Friday Russia’s central bank announced a surprise interest rate cut that starts Monday.
EU Leaders and Western Allies Create Stricter Sanctions Amid Ruble Rebound
At the end of February, after the conflict started....
Bitcoin is not a gold standard as it is independent, without the intervention of any central bank or government agency. There has been a lot of comparison between bitcoin and gold in the recent times. Bitcoin has been compared to gold in many aspects. In fact, bitcoin is also called digital gold for a reason due to various similarities it shares with the yellow material. However, referring to bitcoin as a gold standard may not be relevant. The gold standard is a reference to the monetary system that was based on the value of gold. While most countries stopped following the gold standard....
PAX Gold did most of the weightlifting in pushing the gold token market cap above the $1 billion-milestone, outperforming Tether Gold. The market capitalization of gold-backed crypto tokens increased by 60% in 2022 to surpass $1 billion for the first time in history, according to Arcane Research in its latest weekly report. Gold shines, Bitcoin disappointsIn 2022, investors have been rushing to the perceived safety of gold-backed crypto assets, whose value is pegged to the price of gold. Namely, PAX Gold (PAXG), Tether Gold (XAUT), and similar precious metal-backed digital assets have been....