As major cryptocurrencies experience a slight downturn, PAX Gold (PAXG) has managed to maintain its value above $2,390. This stability comes as Bitcoin (BTC) and Ethereum (ETH) face declines, reflecting a broader market trend. On Tuesday, Bitcoin, which had surged to over $68,000 earlier in the week, fell to approximately $66,000 by 2:20 PM ET.

The gold-backed stablecoin market is still a pretty niche subsector, despite the recent popularity of gold in the broader market.

PAX Gold is a digital coin equivalent to physical gold valued at $2,855 in April. While gold is usually thought of as digital gold went high while, Bitcoin, the cryptocurrency, saw a new price decline in an instant, in terms of the overall decline of the value of Bitcoin.

Tensions in the Middle East ramped up over the weekend following an Iranian drone and missile attack, which saw the price of PAX Gold and Bitcoin reacting very differently.

Bitcoin traded at a perfect negative correlation to PAXG in a sign of weak demand as a geopolitical hedge, according to one observer.

Gold has made consecutive new all-time highs year-to-date, drawing investors' attention and fueling what was already a significantly increased demand. Finbold selected two tokenized gold cryptocurrencies to invest in and gain exposure to the leading commodity

HSBC's bold move may have set a new standard for blockchain-based financial products in Hong Kong's retail market.

Financial giant HSBC has launched tokenized gold for its Hong Kong retail clients, becoming the first bank to enter the real-world asset (RWA) tokenization sector. The HSBC gold token The bank unveiled the launch of a gold token for customers in Hong Kong.

In a landmark development for the financial industry, HSBC has introduced a groundbreaking service to its retail customers in Hong Kong, marking the bank's foray into the fusion of digital and traditional assets.

Retail investors in Hong Kong can get access to tokenized gold via HSBC's online banking website and mobile app.

HSBC has announced the launch of its HSBC Gold Token for retail customers in Hong Kong. This initiative marks the bank's foray into the real-world asset tokenization market, offering a new investment method through blockchain technology.

A CoinGecko report shows that gold-backed tokens like Tether Gold (XAUT) and PAX Gold (PAXG) account for 83% of the market cap.

Binance adds Axie Infinity, PAX Gold, Pendle, Render, and USD Coin to its Flexible Rate Loans offerings, enhancing its financial services suite.

Over the last six months, the value of an ounce of gold has witnessed a 3.8% surge in relation to the U.S. dollar. Within the realm of cryptocurrencies, there exist two noteworthy tokens backed by gold: pax gold (PAXG) and tether gold (XAUT). Together, these tokens amass a considerable worth of nearly $1 billion.

Today's cryptocurrency market presents Agix, PEPE, Kava, CSPR, Zec, and EOS as the top gainers, making impressive strides despite the volatile market environment. On the other hand, Optimism (OP), TRON (TRX), BitTorrent (BTT), Iota, Fantom (FTM), and Pax Gold (PAXG) have had a challenging day, experiencing market declines.

The market today sees Conflux (CFX), Kava (KAVA), Render Token (RNDR), NEO, Immutable X (IMX), and Synthetix (SNX) steering through the tumultuous tides as the top gainers, while Leo Token (LEO), Injective Protocol (INJ), Rocket Pool (RPL), Pax Gold (PAXG), USD Digital (USDD), and Frax Share (FXS) are charting through choppy waters as they face market declines.

Today's cryptocurrency market showcases a mix of gainers and losers, highlighting the ever-changing and dynamic nature of this financial landscape. In this daily analysis, we delve deeper into the top gainers and losers, providing insights to help you make informed decisions.

Today's crypto market highlights Nexo (NEXO), Flare (FLR), Pax Dollar (USDP), PAX Gold (PAXG), Dai (DAI), and Tether (USDT) as the top gainers, while Floki Inu (FLOKI), PepeCash (PEPE), PancakeSwap (CAKE), Huobi Token (HT), Luna Classic (LUNC), Conflux (CFX), and Woo Network (WOO) have experienced losses.

A look at five altcoins that increased the most in this week's crypto market, specifically from April 28 to May 5

The banking turmoil may continue later this year, which will be a blessing for these three cryptos to buy.

The rise in gold prices has been attributed to mounting speculation about the United States Federal Reserve's future policy following the release of jobs data.

The market capitalization of tokenized gold assets has crossed the $1 billion milestone, coinciding with the near-record high price of gold. Tokenized gold, a form of stablecoin, mirrors the price of gold.

Tokenized gold is a type of stablecoin that pegs its price to gold, while the tokens on the blockchain represent ownership of physical gold managed by the issuer.

Investors should seek refuge in these three safe-haven cryptos if they believe their funds are at risk of a crypto market crash.

The following cryptocurrencies had the worst week of all altcoins.

These penny cryptocurrencies have substantial upside potential while providing the use cases to stay relevant in the long-run.

Last year's selloffs have caused many undervalued cryptos to trade below their intrinsic value. These seven are among the most undervalued.

Well-established projects and utility tokens should be at the top of your list when looking for bear market cryptos to buy.

Cryptocurrencies and non-fungible token projects have been designed to offer innovative and creative functionalities and real-world practicalities that have the potential to experience continuous growth in value and popularity. And we have seen that in many altcoins and NFTs throughout the years.

PAX Gold is a gold-backed ERC-20 token, launched by Paxos, creators of Paxos Dollar stablecoin and itBit crypto exchange.

FTX was hacked for hundreds of millions in cryptocurrencies a few hours after filing for bankruptcy.

Paxos has reclaimed 11,184 Paxos Gold (PAXG) tokens worth $20 million taken during the FTX hack.  The post Paxos recovers $20 million in gold tokens stolen in the FTX hack appeared first on The Block.

Reports surfaced yesterday that Paxos had burnt PAXG in four different FTX drainer wallets.

The FTX controversy has pulled the entire crypto market down, with top tokens struggling to stay afloat. Despite the bearish sentiment, PAX Gold (PAXG) has continued to trade in the green zone, keeping substantial intraday and one-week gain.

As the market suffers from FTX's liquidity crisis, PAX Gold (PAXG), a commodity-backed crypto, continues to lead weekly gains. The 65th largest crypto by market cap was seen keeping a week-on-week gain of 5.26% and an intraday gain of 1.12%.

According to the blockchain infrastructure company Paxos, the firm has frozen 11,184.38 pax gold (PAXG) tokens held on the platform FTX.com. The regulated token issuer noted that it was directed to freeze the PAXG tokens after “direction from U.S. federal law enforcement.” Paxos Complies With U.S.

The company says the action, which targeted funds drained from FTX late Friday, came at the direction of U.S. law enforcement officials.

Digital currencies backed by physical gold are becoming increasingly popular for traders, as they provide stability and security.

Two asset classes that remained in high demand during periods of economic instability are proliferating and introducing younger generations to the market.

PAX Gold is a cryptocurrency and gold hybrid that bridges the gap between the two investment options. It offers the security and stability of cryptocurrencies.

Cryptocurrencies in the decentralized finance (DeFi) space are borne out of a combination of advancements in blockchain technology and the need for alternatives to fiat. The world has long relied on fiat money as its currency.

Searching for cryptos to buy as the Fed continues to raise rates? These 3 have stronger chances of performance.

Are stablecoins really a good addition to a balanced portfolio? Let's find out.

Fresh on-chain data shows the world's biggest Ethereum whales are turning their attention to a diverse array of altcoins in multiple sectors as ETH itself struggles on the price charts. The latest numbers from WhaleStats reveal the investment behavior of the 100 wealthiest non-exchange Ethereum addresses. The whale-monitoring website shows the top players are fond […] The post Biggest Ethereum Whales Flock to Apecoin, PAX Gold, Stablecoins and Three More Altcoins: On-Chain Data appeared first on The Daily Hodl.

Crypto gold once again proves itself as safe haven

This article is all about the top 5 cryptocurrencies that displayed good performance in the last seven days. Let's take a look at it in more detail.