CandleFocus Bitcoin is inches away from cracking all-time high against gold
2024-11-21
Author: Content Editor
The article states that bitcoin has reached an all-time high of $98,000, with a market cap close to $1.94 trillion. It has also broken records against major US stock indexes. However, gold had outperformed bitcoin until recently, and bitcoin still needs to catch up to gold's all-time high. The US government's crypto stash, mostly comprised of bitcoin, has grown to almost $21 billion. The article also mentions the sale of 3,999 BTC by the US government, which generated over $245 million but could have resulted in a higher profit if sold today. The German state of Saxony also sold a significant amount of BTC, missing out on potential revenue. Identified government treasuries overall are worth $28.5 billion. The article concludes that with bitcoin in price discovery mode, the true test of strength for these institutions' holdings begins.
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