Global markets witnessed a sharp drop in the price of gold and cryptocurrencies. While the global ounce of gold managed to overcome several resistance levels in the past 24 hours, it has now faced a significant decline and has experienced a price drop of around $300 at times.
According to reports, the price of an ounce of gold decreased by about $168 and reached $5,249.23 at the time of the news release. This precious metal had ended its trading last night with an increase of 237 dollars, and this morning it even crossed the resistance level of 5550 dollars and moved up to 5600 dollars, but this upward trend did not last.
On the other side of the market, Bitcoin fell below the $86,000 channel for the first time in the last six weeks as investors’ desire for risky assets decreased. The price of this cryptocurrency reached $84,680 with a drop of 5.3%, which is its lowest level since December 19.
Other mentioned cryptocurrencies were not in a better situation either; Ethereum, Dogecoin, Cardano and Solana each recorded price drops of at least 6% or more. Analysts believe the cryptocurrency market is following a bearish trend in tech stocks, weighed down by concerns about continued heavy investment, particularly in artificial intelligence.
The price of silver also fell by 3.73% to $112.3 per ounce. Meanwhile, silver was traded at the price of 116.72 dollars last night, and only a day before, it was able to record a record of 117.69 dollars.
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