Markets
What you absolutely *need* to know:
- Bitcoin and ether are having a *bad* day (like, *really* bad), but gold-backed tokens like PAXG and XAUT are holding up like the little heroes they are.
- Gold-backed digital assets are currently up 50% this year, proving that maybe gold *is* the old reliable after all.
- Unfortunately, the World Gold Council is whispering ominously that gold might be a bit too “overbought” and headed for a correction. Yikes.
So, while bitcoin, ether, and other major cryptos were busy taking a nosedive in a $19 billion liquidation on Friday, gold-backed digital assets were over here just sipping their iced lattes and staying calm.
Tokens like Paxos’ PAXG and Tether’s XAUT were practically the only ones not panicking, and might even have gained a bit of ground while the rest of the market sank. *Talk about being the cool kid in school*.
Meanwhile, Bitcoin lost 8.5% of its value in the last 24 hours (whoops), and the broader crypto market plunged 12.75% according to the CoinDesk 20 (CD20) index. In contrast, PAXG only dropped 0.23% to $3,998, and XAUT was up by 0.2% to $4,010. Oh, and let’s not forget that a troy ounce of gold, which these tokens are tied to, closed near $4,018. Not bad for a Friday!
So, why do people love these gold-backed tokens? Simple: they’re backed by real gold (remember that stuff?), so when the crypto market has a meltdown, these tokens act like your reliable friend who shows up with wine after a breakup. Year-to-date, these tokens have risen over 50% thanks to gold’s rally. *Nice!*
But, hold up – while gold-backed crypto is doing its thing, there’s a little voice in the back of your head saying, “Hmm, is this too good to be true?” According to the World Gold Council, gold might just be reaching its limit after rising for 8 straight weeks. And when gold goes into “overbought” territory, you know things might be about to get a little… *complicated*.
The World Gold Council’s Markets Monitor warns that gold could be in for a “correction” soon – which is financial speak for “brace yourselves.” And they say we could be in for a *consolidation* phase (aka the financial version of taking a nap). Keep an eye on that price – it could get bumpy soon.
As for the broader crypto market, the road to recovery? Oh, it’s going to be slow. Between liquidity issues, ETF closures, and market makers deciding to take a little vacation, it seems like a *grind* ahead. Add to that the looming U.S.-China trade tensions, and well… who’s really sure what comes next?
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2025-10-11 14:59