On the evening of October 30th, the cryptocurrency market took an unexpected downturn. Data from OKX reveals that Bitcoin dropped nearly 3% in the past 24 hours, falling to $110,100.
Other major cryptocurrencies also experienced declines: Ethereum (ETH) fell by almost 3% to $3,890, XRP dropped nearly 4% to $2.50, and Solana (SOL) decreased by over 1.5% to $191. Meanwhile, BNB saw a slight increase of nearly 1%, rising to $1,120.
According to Cointelegraph, as gold prices plummeted to $3,915, the investment landscape witnessed a notable shift in capital allocation. Bitcoin had previously surged by nearly 6.7%, indicating that many investors are moving funds from gold to cryptocurrencies in search of quicker returns.
Bitcoin is currently trading at $110,100. Source: OKX
A key factor driving this trend is the decision by the U.S. and China to reduce import tariffs on certain goods from 20% to 10%, which has boosted risk sentiment and encouraged capital inflows into the cryptocurrency market.
Notably, Bitcoin ETFs in the U.S. attracted an additional $839 million, while gold funds saw outflows of nearly $4.1 billion.
Despite gold’s price correction, it remains a safe-haven asset. Renowned cryptocurrency investor David Bateman suggests that the recent decline is short-term, and historically, gold tends to recover swiftly after each 10% drop.
Meanwhile, Bitcoin still has room for growth. JPMorgan predicts its price could reach $165,000 in 2025, as the cryptocurrency remains undervalued compared to gold.
As gold prices tumble, capital is shifting from safe-haven investments to Bitcoin—a high-risk, high-reward asset. Both assets retain their unique roles: gold as a long-term wealth protector, and Bitcoin as a fast-paced opportunity with higher risk.
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