Gold Vs. XRP: One Asset Just Added 20x The Other’s Market Value
Markets have been loud this week. Precious metals punched through records, then gave back much of their gains, while major crypto tokens barely budged. That contrast is what has people talking. Related Reading: Ethereum Boost: Vitalik Buterin Sets Aside $45M In ETH For Privacy And Open Tech Gold’s Sudden Market Jump According to posts on X by market commentators, gold’s capitalization rose by roughly $2.2 trillion inside a single trading session. That move pushed the metal into an eye-catching valuation that dwarfs many crypto assets. That figure equals nearly 20 times the entire market....
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Bitcoin may never escape its ongoing comparisons to gold. According to Tyler Winklevoss, co-founder of the Gemini crypto exchange, Bitcoin beats gold at its own game. "Bitcoin is better at being gold than gold — and not just incrementally, but by an order of magnitude or 10X better," Winklevoss said in a Sept. 21 tweet. Over the last decade or so, Bitcoin has risen dramatically in price, surpassing numerous landmark price comparisons along the way. For many, it is now seen more as a store of value than a transactional currency, and the public often compares the digital coin against gold;....
While reserve-backed crypto assets and stablecoin market valuations increased a great deal during the last year, gold-backed cryptocurrencies have also seen their market caps swell. Between the tokens tether gold and pax gold, the market valuations of these two gold cryptos are nearing a billion dollars in value with $742 million today. Tether Gold’s Market Cap Swells Over 19,000% in Less Than 2 Years, While Pax Gold Increased by More Than 15,000% On February 21, 2020, the market valuation of tether gold (XAUT) was $2.1 million and 23 months later, the valuation has increased by....
The influential financial regulators from Japan and the United Kingdom have ‘exchanged letters’ toward jointly promoting innovation of Fintech or financial technology. The collaboration will also provide guidance and support for FinTech businesses and startups to enter each other’s markets. Announced today, the UK’s Financial Conduct Authority (FCA) and the Financial Services Agency of Japan (FSA) agreed toward the Exchange of Letters (EoL) that will establish a framework for cooperation and referrals between the two countries. Fundamentally, the EoL agreement is designed toward respective....
Cloudbet, the pioneering crypto casino and sportsbook, has added Pax Gold to its platform, making history by allowing players to bet online with gold for the first time ever. The integration of gold betting on a crypto-gaming platform marks a unique milestone in the evolution of tokenisation, whereby a physical asset is made divisible, tradable and easier to exchange through smart contracts and blockchain technology. Each unit of PAXG is a digital asset backed by one fine troy ounce of a gold bar held in custody by the Paxos Trust Company. “Tokenisation allows individuals to express....
The popular safe-haven asset gold recently posted the lowest settlement in three weeks, as a firm dollar and bond market yields have weakened support for the precious metal. The financial goliath BNY Mellon also published a report about the differences between gold and bitcoin and the study said that the crypto asset “fits the description of a nascent currency.” A Firm Dollar and Treasury Yields Takes Some Steam Out of Gold’s Market Performance The U.S. dollar has gained some strength in the last two weeks, and crypto-assets like bitcoin (BTC) have increased in value as....