Tether Gold, Other Bullion-Backed Cryptos Show Strong Performance Amid Israel-Hamas War
Portfolio Pulse from Mehab Qureshi
Gold-backed cryptocurrencies, including Tether Gold (CRYPTO: XAUt), Monero (CRYPTO: XMR), and PAX Gold (CRYPTO: PAXG), have seen an increase in value amid the Israel-Hamas conflict, correlating with the rising price of gold. This comes as other major cryptocurrencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) faced a decline.
October 10, 2023 | 4:34 am
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POSITIVE IMPACT
PAX Gold saw a marginal increase amid the Israel-Hamas conflict.
As a gold-backed cryptocurrency, PAX Gold's price has benefited from the shift in investor preference towards safe-haven assets due to the conflict.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Monero experienced a slight gain amid the Israel-Hamas conflict.
As a gold-backed cryptocurrency, Monero's price has benefited from the shift in investor preference towards safe-haven assets due to the conflict.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Bitcoin faced a decline amid the Israel-Hamas conflict.
The conflict has led to a shift in investor preference towards safe-haven assets like gold, negatively impacting Bitcoin's price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Ethereum also faced a decline amid the Israel-Hamas conflict.
Similar to Bitcoin, Ethereum's price has been negatively impacted by the shift in investor preference towards safe-haven assets due to the conflict.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70