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The steady growth of PAXG highlights a growing trend: TradFi investors are increasingly looking for ways to dip their toes into the crypto water.
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.
