Bitcoin, the leading cryptocurrency by market value, rose to nearly $63,500 during North American hours, probing a downtrend line characterizing the pullback from late September highs above $66,000, according to data source CoinDesk and TradingView. Prices topped $63,400 late Friday but failed to sustain the move and dipped to $62,400 early today.

Bitcoin, the leading crypto asset by market capitalization, shot up 7% from Thursday’s trough below $59,000 after the hotter U.S. CPI inflation report, bucking this week’s trend of giving up gains during the U.S. trading hours. Recently, BTC was up 5.5% over the past 24 hours, outperforming the broad-market CoinDesk 20 Index’s (CD20) 4.7% advance.

Russia and China’s desire to ditch the dollar is fueling the price of gold, according to the Bank of France.

In a new report, the central bank notes the price of the precious metal has risen to new all-time highs despite global outflows in gold exchange-traded funds (ETFs) and risk aversion on the financial markets amid the Fed’s tight monetary policy over the last two years.

Citing data from the World Gold Council (WGC), the bank says demand for gold has been led by Russia and China, citing “diversification away from dollar-denominated assets, either for macroeconomic or geopolitical reasons (‘dedollarisation’)” as a bullish factor boosting the price.

“Although the dollar remains the dominant currency, its share in central bank reserves has fallen to 59%, a 25-year low (IMF).

Overall, demand for gold from central banks has doubled over the last two years (from 30 March 2021 to 30 March 2023) compared with previous years, which has had a major impact on the price. 

The bank adds that Chinese and Indian retail investors are also pushing the value of gold to fresh record highs.

“Moreover, since 2024, Chinese and Indian households have significantly increased their investment in gold excluding jewelry (by an additional 68% and 19%, respectively, between Q1 2023 and Q1 2024, according to WGC data), apparently to diversify their investments in the face of sharply declining property and equity markets in China and increased savings capacity in India.” 

Gold has jumped from its 2022 low of $1,614 per ounce to an all-time high of $2,685 this month – an increase of 66%. At time of writing, gold is trading at $2,658.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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