Cryptocurrency plunges late at night, nearly 120,000 liquidated, gold breaks through $4,550

Cryptocurrency market plunges across the board!

On the evening of March 27, Bitcoin briefly dropped below $66,000. As of 7:36 AM on the 28th, Bitcoin was down over 3.6%, Ethereum fell to $1,987, down over 3%, SOL declined over 4%, and XRP, Dogecoin, among others, also saw declines.

In the cryptocurrency market, nearly 120,000 people were liquidated, with liquidation amounts reaching $446 million.

On the other hand, gold and silver surged rapidly late at night, with spot gold briefly breaking through $4,555 per ounce. By the close, spot gold was up 2.5%, reported at $4,493.36 per ounce, and COMEX gold futures rose 2.6%. Spot silver increased by 2.4%, reported at $69.73 per ounce.

The situation in the Middle East is tense, with Iranian nuclear facilities being attacked, and Iran claims it will retaliate severely.

Gold experienced a rare decline this week, consecutively losing multiple key levels. According to China News Service, UBS’s CIO stated that for many investors, intuitively gold is a “safe haven” during geopolitical tensions, but each geopolitical event has its unique macroeconomic background, with varying conditions of inflation, policy expectations, and capital flows.

UBS’s CIO believes that gold currently faces multiple resistances, including energy-driven inflation and interest rate hike expectations, a strengthening dollar, and outflows of investment capital, but these should be considered short-term factors. The current situation may trigger a slowdown in global economic growth, which could reduce some factors unfavorable to gold prices. This round of decline may be a correction within gold’s long-term upward trajectory. Although gold prices may still drop, based on the institution’s expectation of eventual price recovery, these levels are attractive to long-term investors. UBS’s CIO predicts that the target price for gold in early 2027 will be $5,900 per ounce.

(Source: 21st Century Economic Report)