Paxos’ Gold-Backed Crypto Asset and Bitcoin’s Role in Geopolitical Situations

The gold-backed crypto asset Paxos (PAXG) reached a record value amid increasing tensions in the Middle East, while the value of Bitcoin fell. On April 13, Paxos rose to $2,855. According to CoinGecko data, Bitcoin’s price fell by 7.5% to $62,700 during the same period. The Impact of Geopolitical Tensions on Cryptocurrency Markets Bob Elliott, CEO of Unlimited Funds, stated that Bitcoin did not provide geopolitical protection and explained the impact of increased tensions following Iran’s attacks on Israel on the markets. Elliott pointed out that the correlation between Bitcoin and PAXG was negative and that Bitcoin provided weaker protection over time. Correlation Between Bitcoin and PAXG and Liquidity Differences Despite its high value, PAXG has reportedly experienced liquidity issues due to its low daily volume. Elliott expressed that correlations between Bitcoin and gold have deteriorated over time, observing similar situations in the past. Useful Information for Readers During geopolitical […]

Paxos’ Gold-Backed Crypto Asset and Bitcoin’s Role in Geopolitical Situations

The gold-backed crypto asset Paxos (PAXG) reached a record value amid increasing tensions in the Middle East, while the value of Bitcoin fell. On April 13, Paxos rose to $2,855. According to CoinGecko data, Bitcoin’s price fell by 7.5% to $62,700 during the same period.

The Impact of Geopolitical Tensions on Cryptocurrency Markets

Bob Elliott, CEO of Unlimited Funds, stated that Bitcoin did not provide geopolitical protection and explained the impact of increased tensions following Iran’s attacks on Israel on the markets. Elliott pointed out that the correlation between Bitcoin and PAXG was negative and that Bitcoin provided weaker protection over time.

Correlation Between Bitcoin and PAXG and Liquidity Differences

Despite its high value, PAXG has reportedly experienced liquidity issues due to its low daily volume. Elliott expressed that correlations between Bitcoin and gold have deteriorated over time, observing similar situations in the past.

Useful Information for Readers

During geopolitical tensions, PAXG may increase in value, while Bitcoin may show a decrease.
It is becoming clear that Bitcoin’s function as a geopolitical protection tool is weak and is diminishing over time.
The low daily trading volume of PAXG may pose liquidity risks for investors.

Finally, after the weekend downturn, Bitcoin began to recover and was traded at $66,538.

how to buy crypto?
Related Posts

Token Lock Releases and the Market Impact of ID Token

News 4 weeks ago

The cryptocurrency ecosystem closely monitors token lock release events, especially with great attention. Within the next week, it is indicated that token lock releases worth approximately $45.80 million will take place. These events can significantly affect market fluctuations. Particularly, ID, the local token of the Space ID platform that provides domain services in blockchain networks, is one of the key tokens that investors keep an eye on. ID Token Lock Release The lock release of the ID token, which will show an increase in supply of approximately 4.29%, will take place on April 22 at 03:00. This event can affect the market value of the ID token and the interest of investors in this token. Currently, the token is trading at $0.849 level and investors are closely monitoring this process. ID Chart Analysis According to the four-hour chart analysis of the ID token, an exit from the falling channel formation […]

Analysis of XRP Coin on SEC Lawsuit and Market Impacts

News 4 weeks ago

The ongoing legal process with the SEC has been affecting the market evaluations of XRP coin. Lawyers are set to present their appeals on Monday. Experts indicate that the increase in circulation supply will make it difficult for XRP to reach its former highs. Nevertheless, the recent short-term recovery in its price is promising. Market Dynamics and Price Movements Following recent losses, XRP has risen by 5.55% to $0.53. While its losses were greater compared to other cryptocurrencies, it is currently showing signs of recovery. Legal evaluations, court documents, and other details may positively or negatively impact XRP’s price in the future. Throughout 2024, the market has been on the rise while XRP has been lagging behind other altcoins. It lost 15% this year, while Bitcoin showed a 35% increase. This underperformance of XRP has prevented its growth even in high-risk appetite days. Investor Interest and Expectations Some investors may […]

The Strong Structure of Cardano (ADA) Treasury and ADA Coin Price Predictions

News 4 weeks ago

Cardano’s (ADA) treasury holds 1.5 billion ADA, which accounts for more than 4% of the circulating supply and is worth around $720 million with the current market value. These funds in the treasury are used to support the ecosystem and finance new projects. The Cardano ecosystem aims to create a self-sustaining structure using this balance. Features of the Cardano Ecosystem Cardano has a decentralized structure and allows ADA owners to vote democratically. This structure strengthens decentralization and democratic governance. The funds in the treasury increase through network activity, and a portion of transaction fees and block rewards accumulate in the treasury. The community votes on the use of these funds to finance projects. However, despite the expansion of Cardano’s smart contract capabilities, the number of applications that attract a significant and large user base on the network remains insufficient. The Future of ADA Coin According to technical analysis expert Ali […]

0 Comment

Write a Comment

how to buy crypto?
  • USD
  • EUR
  • GBP
  • AUD
  • JPY
  • bitcoinBitcoin(BTC)
    $71,002.005.60%
  • ethereumEthereum(ETH)
    $3,716.5619.55%
  • tetherTether(USDT)
    $1.00-0.09%
  • binancecoinBNB(BNB)
    $619.567.80%
  • solanaSolana(SOL)
    $182.612.38%
  • staked-etherLido Staked Ether(STETH)
    $3,716.3019.59%
  • usd-coinUSDC(USDC)
    $1.00-0.12%
  • rippleXRP(XRP)
    $0.545.60%
  • dogecoinDogecoin(DOGE)
    $0.1637797.53%
  • the-open-networkToncoin(TON)
    $6.603.26%
Random