Gold-Backed Cryptocurrencies Weather Cryptocurrency Market Turmoil

Despite a massive $700 billion in cryptocurrency liquidations last Saturday, gold-linked digital assets held their ground, demonstrating resilience amidst market instability. While major cryptocurrencies like Bitcoin and Ethereum experienced significant drops, PAXG and XAUT, cryptocurrencies tied to the gold price, remained remarkably stable near their peak levels. This stability mirrored the performance of gold itself, which saw a noteworthy 50% surge since January, closing at nearly $4,018 per ounce last week.