• The twin peaks for the cryptocurrency and the precious metal mark the first simultaneous records for the two since Bitcoin emerged from the shadows more than a decade ago. Yet markedly different drivers are typically thought to move each asset — gold has acted as a haven store of value for millennia, while any Bitcoin role beyond pure speculation is hotly contested.
• Both Bitcoin and gold are viewed as beneficiaries of expectations of looser monetary policy. Swaps markets show a 62% chance of a Federal Reserve interest-rate cut in June, compared with 58% at the end of February.
• Bitcoin surged to a record $69,191.95 on Tuesday in the US — scaling the peak the token reached in November 2021 during the pandemic — before retreating to trade at around $63,300 as of noon Wednesday in Singapore.
• Bullion rose to a peak of $2,141.79 an ounce on Tuesday, surpassing the previous high set in early December. The precious metal has climbed almost 5% over the last five sessions.