Key Takeaways
- Gold prices plummet by 6% in two hours.
- Bitcoin has risen by 3% in the last 24 hours, surpassing $45k.
- KSI, a famous rapper and Youtuber, says bitcoin is the future.
On Monday, the price of gold quickly fell to its lowest level since March as a flash crash drove prices below $1,700 per ounce.
All changed last week. Upon promising news from the U.S. indicating that job growth has accelerated in July, the yellow metal fell by more than 2% in a day. The futures market on Sunday evening intensified the situation, and gold tumbled to around $1,685 – the lowest point since late March. Thus, its price was down by about 8% in a few trading days.
According to TradingView, the price of the precious yellow metal plunged to $1,690/oz during Asian trading hours on Monday. The price of gold has since posted a minor recovery, last changing hands for $1,742/oz at the time of writing.
Forex trader Peter Brandt said that the gold flash crash might have been caused by a wave of liquidations that wiped out large leveraged trading positions.
"This has all the fingerprints of a bank/brokerage house conducting forced liquidation upon a huge leverage speculator," Brandt tweeted.
While gold spiraled downward, the price of Bitcoin increased by 3% in the past 24 hours to highs of almost $46,000, leading some investors in the 'digital gold' to gloat at the sudden collapse of what they consider its physical predecessor.
Bitcoin (BTC) reached its highest level in more than two months, just a few days remaining before the July inflation report.
The top cryptocurrency climbed 1.65% to $45,363 on Sunday, continuing the upside momentum that had already seen it jump 21.62% from its low of $37,300 on Thursday.
In other news, famed rapper and popular Youtuber KSI talked about bitcoin and cryptocurrency in an interview with G.Q. magazine published Friday.
KSI, whose real name is Olajide Olayinka Williams Olatunji, is also known as J.J. He was ranked second by The Sunday Times in its list of the top 100 U.K. influencers in 2019. He is also part of the British Youtube group known as the Sidemen.
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