Why are XAUt and PAXG down today?


Crypto market’s broader uptick came as stocks surged amid a flurry of positive earnings reports on Wall Street. The upside across equities cascaded into cryptocurrencies. Meanwhile, gold suffered its biggest single-day drop in more than 10 years.
XAUt and PAXG prices mirrored the declines in the top safe haven asset, with an upbeat sentiment for risk-on assets seeing analysts forecast a potential capital rotation from gold to Bitcoin (BTC).

But while Bitcoin holders eye more gains, economist and gold advocate Peter Schiff has other ideas. He agrees the decline is “quite a shakeout,” but says it only offers another chance for BTC holders to dump the digital asset and “buy the real thing.”
Tether Gold and PAX Gold prices hit highs of $4,391 and $4,430 respectively on October 17, 2024, gains that aligned with gold’s parabolic surge. However, as the rally that catapulted gold to a new all-time hits a halt, the Tether and Paxos issued tokens are also paring gains.
XAUT-1.31%
PAXG-1.49%
BTC1.64%
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Jialilingxiangvip
· 10-22 11:39
1000x Vibes 🤑
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