Matrixport: Cryptocurrency traders are increasingly deploying tokenized gold

Since Congress approved the $5 trillion debt ceiling increase, the US has issued $1.20 trillion in new debt - one of the key factors driving gold's rally, according to a daily chart analysis published by Matrixport. Another factor is Trump's growing influence over the Fed's decision-making, and he is actively promoting his preferred candidates to the Fed, who may soon hold a majority at the Fed. At the same time, cryptocurrency traders are increasingly allocating to tokenized gold, continuously injecting new capital into the asset and re-establishing gold as a viable asset class. Because of gold's close relationship with bitcoin, traders will continue to seek other stores of value, especially as confidence in US fiscal discipline continues to come under pressure.