Gold hits new all-time-high at $2,700 amidst bullish Bitcoin

Gold rose more than 2% to an all-time high last week, driven by global demand for safe-haven assets and expected interest rate cuts by major central banks, while Bitcoin continues to climb above $67,000.

According to Trading Economics data, the price of gold reached a new record, reaching up to $2,700 per ounce on October 18. Gold gained 2.08 percent in value last week and almost 5 percent in the last month.

This rise in gold is due to increased demand for safe haven assets and expected interest rate cuts by major central banks. The European Central Bank cut interest rates for the third time this year, reducing the deposit rate to 3.25%.

Gold is also affected by the ongoing war in the Middle East after the Israeli military confirmed it killed Hamas leader Yahya Sinwar on October 17, raising fears of a regional escalation.

Meanwhile, Bitcoin(BTC) also experienced a similar high, and BTC price has followed a positive trend since October 10. According to crypto.news data, Bitcoin surged 11% last week and briefly touched two levels. On October 16, the month’s high was $68,375.

Charles Edwards, co-founder of crypto asset manager Capriole Investments, commented on the similarity between the bullish trend of Gold and Bitcoin.

“As a rough rule of thumb, macro Bitcoin trends often lag gold by several months. “It looks promising,” Edwards said in the X post.

In recent years, investors have thought that there are similarities between the price movements of Gold and Bitcoin in the markets. The main reason for this comparison is that both assets are limited in supply and are not tied to any country’s currency, thus providing investors with a “safe haven” that protects them from fluctuations in national currencies.

For this reason, Bitcoin itself has been repeatedly called “digital gold,” but now real-world asset platform Swarm Market has made it possible to mint and trade physical gold on the Bitcoin blockchain via the Ordinals protocol.

On October 17, Swarm Market announced a partnership with OrdinalsBot, where individual satoshis can be written with unique gold kilobar serial numbers, allowing gold bars to be traded on Bitcoin’s Ordinals protocol.

Through this partnership, Gold will be the first RWA available on Trio, a marketplace developed by OrdinalsBot and scheduled to launch by the end of the year.