Investors shun crypto volatility while favoring safe-haven assets amid global trade tensions
Gold is soaring, largely driven by investors flocking to safe-haven assets, while risk-filled bitcoin is taking a dive, market watchers said Monday.
The precious metal is expected to continue its monthslong record-breaking rally, unlike cryptocurrencies, which are expected to tank to $70,000 amid a cyclical downturn.
“Investors are turning to traditional safe-haven assets, prodded by global trade tensions and heightened geopolitical risks,” Standard Chartered Korea strategist Hong Dong-hee said. “Months of uncertainties involving U.S.-China trade relations have driven demand for gold. Further, central banks are increasing their gold reserves, indicating the precious metal’s strength as a hedge asset in times of uncertainty.”
Read more: koreatimes.co.kr
Source: CRYPTO WORLD NETWORK NEWS
