Bitcoin Breaks Record, Shrugs Off Risk-On Label
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21 November 2024
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Bitcoin Breaks Record, Shrugs Off Risk-On Label
Gold rose for the third consecutive session, surpassing $2,650 per ounce, driven by safe-haven demand following escalating conflict between Russia and Ukraine.
Bitcoin surged to a fresh record high, diverging from its typical risk-on asset behavior. Market momentum was fueled by reports of Trump’s team considering a cryptocurrency policy role and potential acquisition talks involving Bakkt.
Gold extended gains for a third consecutive session, crossing $2,650 per ounce, as investors sought safety following an escalation in the Russia-Ukraine conflict.
Meanwhile, Bitcoin is also performing well and doesn’t appear to be acting totally as a risk-on asset in this environment, surging to a fresh record high. President-elect Donald Trump’s administration is reportedly considering a dedicated cryptocurrency policy role within the White House, Bloomberg reported.
Adding to Bitcoin’s momentum, the Financial Times revealed that Trump Media and Technology Company is in advanced talks to acquire crypto trading platform Bakkt.
Bitcoin remains above key technical levels, including the 50- and 100-day EMAs, while the RSI hit overbought territory at 80.
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