On Tuesday, Bitcoin (BTC) broke out of its range and climbed above US $112,000 after slipping below US $108,000 earlier in the day.
Meanwhile, traditional safe-haven metals suffered sharp losses: Gold plunged by about 5%—its biggest one-day loss in years—while Silver dropped nearly 8%. The metals had previously surged on expectations of easing monetary policy, U.S.–China trade tensions, and financial-system stress.
With precious metals losing momentum, money appears to be shifting into Bitcoin, supporting its rally. Some analysts had expected this scenario: earlier, hedge fund founder Quinn Thomson predicted Bitcoin was primed to follow gold’s upward move.
Interestingly, despite Bitcoin’s price jump, many crypto-miners and blockchain stocks did not react as strongly; some remained in the red even as BTC climbed.
