Risk-On Sentiment Fuels Rallies in BTC and XAU
Bitcoin and Gold are both extending their rallies as risk appetite increases globally. Bitcoin has surged by around 25% since Monday, reaching a new high near $78,000 on Friday. The Crypto King's price is being driven higher by Exchange-Traded Funds (ETFs) and derivatives.
The Fear & Greed Index, which measures market sentiment, rose to 72 on Friday from 62 the day before. This indicates that investors are becoming more confident in their investments.
Gold, meanwhile, is trading above $4,600 as it benefits from bullish technicals and buy-back demand. The precious metal's price has been driven higher by heightened macroeconomic uncertainty, prompting market participants to increase allocations to Gold as a defensive hedge.