Gold vs Bitcoin: Which one is a better store of value? (2:59)
The markets are witnessing another day of bloodbath as precious metals, leading U.S. market benchmarks, and cryptocurrencies crashed on Feb. 12.
Gold's price fell 2.77% today to drop below $4,900 per ounce. The precious metal had surpassed the price mark of $5,000 per oz a few weeks ago to hit a new all-time high (ATH).
Silver crashed worse, dropping more than 9% today to trade around $75 per oz. The metal had also surpassed the price mark of $100 per oz a few weeks ago to hit a new ATH.
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The S&P 500, a stock market index tracking the stock performance of 500 leading companies listed on stock exchanges in the U.S., fell 1% to 6,870 points. The benchmark reached above 7,000 points in late January to reach a record high.
The Nasdaq Composite, a stock market index that includes almost all stocks listed on the Nasdaq stock exchange, fell 1.5% to around 22,700 points. This index also surpassed 24,000 points in late October last year to reach a record high.
The Dow Jones Industrial Average (DJIA), a stock market index of 30 prominent companies listed on stock exchanges in the U.S., also fell 1% to 49,500 points. The DJIA reached above 50,000 points on Feb. 10 to hit its new ATH.
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Bitcoin (BTC) fell more than 2.5% over the last 24 hours to trade around $65,250 today. It was trading at $65,848.94 at the time of writing.
Like other assets, even BTC had been hitting record high prices and even surpassed the $126,000 mark in early October last year. But after the devastating crypto market crash on Oct. 10, it has failed to recover.
In fact, it has been struggling to stay afloat the $70,000 mark for the past few days.
As per the onchain analytics platform CoinGlass, the Crypto Fear & Greed Index is sitting at 6 points right now, indicating "extreme fear" among traders in the crypto markets.
The total crypto market cap fell 1.5% over the last 24 hours to $2.33 trillion.
