Bitcoin’s Fall Sparks Doubts: Gold Soars as Safe-Haven Amidst Market Volatility

Cryptocurrency markets experienced a significant downturn on October 10th following the U.S. president’s imposition of a 100% tariff on China, resulting in a staggering $760 billion wipeout. This selloff triggered a record-breaking $19 billion in forced liquidations within 24 hours, leaving investors questioning Bitcoin’s ability to fulfill its promise as a reliable store of value during economic turmoil. Gold, meanwhile, surged to new highs, exceeding $4,000 per ounce, raising concerns about whether Bitcoin can truly compete with traditional safe haven assets like gold.