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Gold price lags behind as Bitcoin and stocks surge, Bitcoin price hits $66K

Oct 14, 2024
3 min read
Table of Contents
  • 1. Gold price lags behind
  • 2. BTC price surge takes market beyond $66,000

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Gold was the odd asset out on Monday, while stocks and cryptos rallied higher to start the week as investors embraced a risk-on sentiment despite persistent concerns about the future of interest rate cuts amid ‘sticky’ inflation. Bitcoin tickers down $65,500 tagged $66,000 after the Oct. 14 Wall Street open as whale-buying pressure fueled already buoyant crypto markets.
 


Gold price lags behind


The gold market is a bit choppy in early Monday trading, but at this point in time, it should be obvious that we are still very bullish and will more likely than not continue to be. Value hunters are most certainly going to be involved on dips.

Gold price declined on Monday as extensive economic stimulus measures in China, the world's largest consumer of bullion, failed to inspire investor confidence. Additionally, a rally in the U.S. dollar to two-month highs limited any upward momentum. Spot gold decreased by 0.2%, reaching $2,649.98 per ounce by 2:35 PM ET (6:35 PM GMT), after peaking at its highest level in over a week earlier in the day. Meanwhile, U.S. gold futures settled 0.4% lower at $2,665.60.

Phillip Streible, chief market strategist at Blue Line Futures, noted that gold is facing "a lot of little headwinds," including China's stimulus measures, a stronger dollar, a weaker euro, declining base metals prices, and profit-taking activities. The recent record rally in gold prices has also dampened investor sentiment and reduced bullion demand in China. A stronger dollar makes gold pricier for holders of other currencies.

Zain Vawda, a market analyst at MarketPulse by OANDA, pointed out that Chinese economic data presents a mixed picture. While weak data could diminish gold demand, a broader slowdown in China might unsettle markets, thereby increasing gold's appeal as a safe-haven asset.
 


BTC price surge takes market beyond $66,000


Data from Cointelegraph Markets Pro and TradingView revealed that Bitcoin (BTC) price gains were approaching 5% for the day.

Building on the momentum from late last week, BTC/USD neared two-week highs as U.S. buying activity intensified, particularly during the Asia trading session.

Examining exchange order book liquidity on X, trading resource Material Indicators highlighted that Bitcoin whales are "buying Bitcoin again" at current levels.

The commentary noted, “We’re watching to see if brown Mega Whales appear with a significant market order to break through the sell wall at $65.5k.”
 

bitcoin-price-width-1200-format-jpeg.jpg

On October 14, publicly traded crypto-linked companies in the United States experienced gains as Bitcoin surged 6% to briefly reach $66,400, marking its highest price since July 30.

Bitcoin (BTC) is currently priced at $65,538. Miner CleanSpark (CLSK) led the day's performance, closing up 12.72% at $10.81 and rising another 1.72% after hours to $11, according to Google Finance data.

Following closely was crypto exchange Coinbase (COIN), which ended the day with an 11.3% gain, closing at $196.35—a seven-week high—and climbing 1.71% to $199.70 in after-hours trading.

Crypto miner IREN (IREN), previously known as Iris Energy, also recorded impressive gains of 10.21%. Competitors TeraWulf (WULF) and MARA Holdings Inc (MARA), formerly Marathon Digital, saw increases of 6.65% and 5.6%, respectively.
 



When considering shares, indices, forex (foreign exchange) and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and could result in capital loss. 


Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice. Trading cryptocurrency CFDs and spread bets is restricted for all UK retail clients. 

 


Risk Warning and Disclaimer: This article represents only the author’s views and is for reference only. It does not constitute investment advice or financial guidance, nor does it represent the stance of the Markets.com platform. Trading Contracts for Difference (CFDs) involves high leverage and significant risks. Before making any trading decisions, we recommend consulting a professional financial advisor to assess your financial situation and risk tolerance. Any trading decisions based on this article are at your own risk.

Frances Wang
Written by
Frances Wang
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Table of Contents
  • 1. Gold price lags behind
  • 2. BTC price surge takes market beyond $66,000

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