Binance Tokenized Gold Reserves Grew 344% In 15 Months – Crypto Investors Are...
The crypto market has been struggling for months — declining prices, persistent uncertainty, and a macro environment that has made risk assets difficult to hold. In that context, the behavior of participants on the world’s largest exchange has quietly told a story that the price charts have not: when the going gets uncertain, even crypto […]
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15 months ago the price of one ounce of fine gold was $1,790 per ounce and since then, it has increased in value 3.51% to today’s $1,853 per ounce exchange rate. While gold has risen in value, the top two tokenized gold coins have grown significantly since then. Pax gold (PAXG), for instance, has seen its market capitalization grow 407% since February 26, 2021, and Tether’s XAUT market valuation swelled by 248% since that day. Presently, PAXG’s and XAUT’s market capitalizations combined equate to just over $1 billion in value.
Pax Gold
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While gold tapped an all-time high (ATH) this year surpassing $2K per ounce, the top tokenized gold crypto assets by market valuation continue to see significant demand, premiums, and market capitalization growth. For instance, Paxos Trust Company’s PAXG market cap jumped more than 43% in 31 days from $424 million to today’s $611 million. PAXG and XAUT Market Caps Swell, Both Gold Tokens See Premiums Over Gold’s Spot Market Value On March 8, 2022, the price of one troy ounce of .999 fine gold reached an ATH at $2,069 per unit. A troy ounce is equivalent to 480 grains....
Gold prices have been steadily tumbling in the past few weeks, more so recently after the Chinese reserves data revealed a smaller than expected portion of gold reserves. Gold has been treated as a hedge against inflation, typically gaining in value also when investors are seeking lower-yielding returns from safe-havens. This time around, even with all the monetary policy easing going on among central banks and the prospect of another downturn in inflation, gold prices have failed to rally. Some financial market experts say that gold prices might not see much upside anytime soon since....
Gold-backed tokens are getting increasingly popular as a more accessible alternative to investing in physical gold. What is a gold-backed cryptocurrency?A gold-backed cryptocurrency is a type of digital currency that is backed by physical gold. The currency’s value is based on the current market price of gold and can be used for transactions just like any other type of cryptocurrency.Some cryptocurrencies are backed by gold in order to tie the derivative asset (crypto) to a tangible asset (gold), thereby preventing excessive fluctuations in price. Thus, gold-backed cryptocurrency is often....
The president of El Salvador, Nayib Bukele, has revealed that his country holds 44,106 oz. of gold in its reserves that has lost some value over the past year. He told gold bug Peter Schiff that if El Salvador had sold its gold and bought bitcoin last year, it would now be worth $125 million more.
Bitcoin vs. Gold: El Salvador Could’ve Made Millions More Switching Reserves From Gold to Bitcoin
El Salvador’s president Nayib Bukele has revealed some details of his country’s gold reserves in a conversation on Twitter with gold bug Peter Schiff.
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