Bitcoin Faces Renewed Pressure as Gold Nears Record Territory
Crypto markets faltered on Thursday despite a brief recovery attempt, while gold continued its climb toward new highs.
Bitcoin (BTC) pushed above $113,000 earlier in the day but reversed course through U.S. trading hours, finishing near $111,800 — a 0.7% daily decline. Losses were deeper for ether (ETH) and XRP (XRP), which fell 2.1% and 1.4% respectively. Solana’s SOL (SOL) stood out as a gainer, rising 3.1% over the same period.
Gold extended its rally, adding 0.8% to $3,477 per ounce, now within striking distance of its $3,534 record set earlier this month. The yellow metal has risen nearly 4% in August, contrasting sharply with bitcoin’s 5.2% drop.
Supportive macro drivers — lower U.S. interest rates and a weaker dollar — have fueled bullion’s advance but failed to spark demand for bitcoin, often dubbed “digital gold.”
Looking ahead, attention turns to September’s Federal Reserve meeting, where rate cuts are expected to resume. President Trump is also preparing to nominate one or two new, dovish Fed members, setting the stage for potentially pivotal policy shifts in the year’s final quarter.
