Gold and crypto have been going down in value over time however, they have experienced a recent rebound after Musk bought Twitter. Over the last week, the crypto market has been going below $2 trillion. The top ten digital assets have seen losses of up to 10% over the past week.
The price of gold has seen significant losses over the last 24 hours. One ounce of fine gold has lost 1.6 percent of its value, while one ounce of fine silver has lost 2.04 percent. Gold prices have been stagnant over the last 30 days, and one-month data shows that an ounce of gold’s USD worth climbed by 0.39 percent. Silver has fallen more than 3% in the previous 30 days. The decline in value has been in result of China’s Covid-19 outbreak once again. In addition, the U.S. Treasury yields that are steering gold investors in the opposite direction.
On April 23rd, in an interview, Steven Violin said that investors are experiencing “very strong forces.” In Violin’s words, “The tremendous economic momentum from the recovery from the pandemic is being met with a very rapid shift in monetary policy, markets are struggling, as we all are, to understand how that’s going to play out. I’m not sure anyone really knows the answer.”
Musk Buys Twitter
Despite all the losses in the crypto market and the price of gold, they all experienced a rebound once Musk bought Twitter. The announcement went live on Twitter, and crypto rebounded to $1.96 trillion. After bitcoin had been on a downtrend, the rebound resulted in it jumping back up to the $40K region.
As the trading day on Wall Street came to a close, the major indicators flickered from red to green. After Musk bought Twitter, the current CEO, Parag Agrawal, said, “ Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important.”