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....
Bitcoin fell sharply this week as investors stepped away from risky bets and piled into gold, based on reports from market outlets. Bitcoin slipped more than 5% to about $105,105 on Friday, extending a slide that left it roughly 13% below an October 6 peak near $126,000. Reports show crypto liquidations were heavy, adding to selling pressure in the market. Related Reading: Biggest Shiba Inu Burn In Months — And It Came From A Coinbase Account Safe Haven Bets Favor Gold Gold, by comparison, climbed to fresh records. Spot gold pushed above $4,300 an ounce and hit a session peak near $4,312,....
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....
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)....
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....