Asia Market Open: Bitcoin Retreats Below $88K as Gold Hits Record High
Bitcoin fell 1.3% to $87,781 during Asian trading hours, underperforming against gold's record surge to $5,085.50/oz as investors favored traditional SAFE havens. The divergence highlights ongoing risk-off sentiment despite crypto's institutional adoption progress.
Chinese markets showed mixed reactions with the Shanghai Composite gaining 0.12% while Shenzhen components dropped 0.74%. Hong Kong's Hang Seng remained flat, reflecting cautious regional sentiment amid Trump's tariff threats against Canada and Greenland trade tensions.
Gold's 17% YTD rally contrasts with crypto's pullback, though bitcoin maintains 64% gains since January. Market participants appear to be rebalancing portfolios ahead of potential Fed policy shifts, with XRP (-0.6%) and Ether (-2.6%) joining BTC in the red.
