The rise in gold comes as billions of dollars continue to exit crypto markets following last week’s flash crypto crash. | Source: Pexels
Share
Key Takeaways
Gold prices surged above $4,100 per ounce, marking a new all-time high as investors move toward safer assets.
Following the Oct. 10 flash crypto crash, billions of dollars have reportedly exited digital asset markets.
CoinGlass reported $21 billion in outflows from Binance alone, though the exchange disputed the figures.
Investors are fleeing digital assets for safe-haven gold, which surged to a record above $4,100 an ounce on Monday as the crypto market continues to hemorrhage cash.
Try Our Recommended Crypto Exchanges
Sponsored
Disclosure
We sometimes use affiliate links in our content, when clicking on those we might receive a commission at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy.
Spot gold rose 2.2% to $4,106 per ounce on Tuesday, after earlier touching a record $4,116.
U.S. gold futures for December delivery settled 3.3% higher at $4,133, extending a rally that has pushed the metal up 56% year-to-date, Reuters reported.
After breaking the $4,000 record last week, gold has continued to climb amid trade war uncertainty and looming U.S. interest rate cuts.
Speaking to Reuters, Phillip Streible, chief market strategist at Blue Line Futures, estimated that gold could reach over $5,000 by the end of 2026.
Crypto Outflows
The rise in gold comes as billions of dollars continue to exit crypto markets following last week’s flash crypto crash.
According to CoinGlass data, billions of dollars have left exchanges over the past seven days.
The blockchain analyst reported that $21 billion had left the Binance exchange alone, though the firm has since disputed the data.
| Source: X
“I just inquired about the statistical logic of this data platform, which is the token price from 7 days ago and the token price today, that is, using market floating profit and loss as the indicator,” Binance co-founder Yi He wrote on X.
“So all platforms show outflows,” she added.
Binance Allegations
Alongside the outflows, Binance has responded to allegations from Limitless Labs CEO CJ Hetherington claiming the firm was dumping tokens on the open market.
The CEO also posted an alleged “offer” from Binance asking for approximately 8% of his token supply, along with security deposits.
Binance strongly denied the accusations, describing them as “false and defamatory,” while emphasizing that it maintains confidentiality in listing communications.
“These publications have damaged the integrity of what the industry and community clearly understands and knows to be sensitive and confidential information,” the company wrote on X.
The exchange said it reserved all of its rights, including “taking legal action to protect our interests.”
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
