$BTR $BTC $牛来 Gold prices hold steady at $4,600, and behind it lies deep market anxiety about the credibility of the U.S. dollar. The Treasury’s expansion of long-term bond repurchase programs is meant to push down yields, but it has instead intensified concerns about “fiscal dominance,” reinforcing the safe-haven logic for gold and Bitcoin as “de-sovereignized” assets.
What does this mean for the crypto market?
In the short term, the positive correlation between gold and Bitcoin has risen to its highest level since the pandemic. This means that if Waller releases signals in his Jackson Hole speech indicating cooperation with fiscal policy to bring rates down, gold will likely gain further support and Bitcoin will very likely benefit in parallel; conversely, if he reiterates prioritizing anti-inflation efforts and keeps rate-hike options on the table, a strong dollar would simultaneously weigh on both gold and crypto.
In the medium term, the long-standing narrative that U.S. debt has surpassed $40 trillion and that the dollar’s credibility is weakening has not changed. Ray Dalio of Bridgewater has clearly advised “holding gold and some Bitcoin” as a hedge against potential debt crises. Crypto assets are increasingly being viewed by broader macro funds as “devaluation hedging tools” akin to gold.
But risks must also not be overlooked: Waller’s remarks on Friday and the PCE data are the real “big test.” If his stance falls short of expectations, gold and Bitcoin could face pressure at the same time. Given how tightly gold and BTC are linked, a more prudent approach may be to watch and wait—make decisions only after the “Waller shoe” drops.
#XRP领跌加密市场跌近7% #Shein据报港股IPO定价约48.56港元 #英伟达营收超预期股价涨4% #SEC向白宫提交加密托管规则提案
What does this mean for the crypto market?
In the short term, the positive correlation between gold and Bitcoin has risen to its highest level since the pandemic. This means that if Waller releases signals in his Jackson Hole speech indicating cooperation with fiscal policy to bring rates down, gold will likely gain further support and Bitcoin will very likely benefit in parallel; conversely, if he reiterates prioritizing anti-inflation efforts and keeps rate-hike options on the table, a strong dollar would simultaneously weigh on both gold and crypto.
In the medium term, the long-standing narrative that U.S. debt has surpassed $40 trillion and that the dollar’s credibility is weakening has not changed. Ray Dalio of Bridgewater has clearly advised “holding gold and some Bitcoin” as a hedge against potential debt crises. Crypto assets are increasingly being viewed by broader macro funds as “devaluation hedging tools” akin to gold.
But risks must also not be overlooked: Waller’s remarks on Friday and the PCE data are the real “big test.” If his stance falls short of expectations, gold and Bitcoin could face pressure at the same time. Given how tightly gold and BTC are linked, a more prudent approach may be to watch and wait—make decisions only after the “Waller shoe” drops.
#XRP领跌加密市场跌近7% #Shein据报港股IPO定价约48.56港元 #英伟达营收超预期股价涨4% #SEC向白宫提交加密托管规则提案
