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Bloomberg: Gold Rebounds, Cryptocurrency Continues to Face Pressure

2026.02.04 20:00:01

February 4th (Bloomberg) — Amid pressure on global risk assets, gold and crypto have shown a sharp divergence in trends. Gold has rebounded after pulling back from its all-time high, once again topping $5,000 per ounce. Some funds are buying the dip: Fidelity’s fund noted it’s ready to re-enter gold positions after what it called the “largest drop in forty years,” arguing the market bubble has somewhat deflated. Meanwhile, the crypto market continues to slide. Since January 29, total crypto market capitalization has shrunk by roughly $467.6 billion, with Bitcoin leading the declines. High-profile investor Michael Burry warned Bitcoin has fallen about 40% from its October 2023 peak, and he doesn’t rule out it worsening into a self-reinforcing “death spiral.” Data shows crypto assets have lost a cumulative $1.7 trillion in market value since their October peak. Against a backdrop of macro uncertainty and waning risk appetite, funds are clearly flowing back to traditional safe-havens like gold.
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