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Kitco NEWS has a diverse team of journalists reporting on the economy, stock markets, commodities, cryptocurrencies, mining and metals with accuracy and objectivity. Our goal is to help people make informed market decisions through in-depth reporting, daily market roundups, interviews with prominent industry figures, comprehensive coverage of important industry events and analyses of market-affecting developments.
The pace of the selloff caught many traders off guard as Bitcoin tumbled 5% from $69,450 to $65,970 in less than 30 minutes in early hours on Tuesday, and then sank lower over the next couple of hours.provided by CoinGlass shows that longs were liquidated to the tune of $406.5 million over the past 24 hours, while shorts lost $101.76 million, for a total flush out of $508.25 million.
The pullback for cryptos and stocks coincided with a surge in the dollar index , which hit 105.1 during Asian trading hours on Tuesday on the back of upbeat U.S. factory data – its highest level since mid-November. “The dip won’t overly concern investors after months of gains, but it does serve as a reminder that the bullish sentiment around Bitcoin, which has seen the cryptocurrency more than double in price since the autumn, will not continue indefinitely,” he said. “We’re less than three weeks out from Bitcoin’s next ‘halving’ - the quadrennial event where mining rewards are cut by 50 percent - and with market volatility already on the rise, expect more uncertainty to come.
As gold set another record high, Canadian mining legends Frank Giustra, CEO of Fiore Group, and Pierre Lassonde, Chairman Emeritus at Franco-Nevada, say the West has lost its power to set the price of gold. Giustra and Lassonde also warn that in the new geopolitical reality of resource nationalism, Canada is failing its economy and citizens. - Gold prices are solidly up, with June Comex futures hitting another contract/record high of $2,297.90 an ounce, in midday U.S. trading Tuesday.
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