Gold climbed roughly 7% on the week to nearly $4,323 an ounce while silver performed about twice as well, with the two metals representing a combined gain estimated at $2.7 trillion. Bitcoin gained only 0.7% over 24 hours, holding around $65,000 with a market value of approximately $1.31 trillion. Japan and the United States jointly intervened in the yen on July 31 for the first time since 1998, with estimates reaching up to $85 billion, pushing the currency more than 5% higher against the dollar in two sessions. This yen strength has historically weighed on risky assets through the carry trade mechanism, but Bitcoin remained remarkably stable, suggesting according to Apollo Global Management that the traditional link between the yen and interest rate differentials may be broken. Oil also fell more than 10% following the ceasefire agreement between the United States and Iran, which favored precious metals over cryptocurrencies.
Source: Read the original article
