According to data released by the cryptocurrency management company CoinShares on Monday, as of June 4, both the Bitcoin fund and the Bitcoin currency themselves have recorded significant net outflows of funds. According to CoinShares, the outflow of funds can be as high as US$141 million, which is equivalent to 8.3% of the total inflow into this market this year. The above news brought a lot of pressure on Bitcoin prices on Monday. The decline of Bitcoin once drove the price of gold back to the $1,900 level.
On Tuesday (June 8), the price of gold fell as the yield on the 10-year US Treasury fell by 4 basis points to 1.531%. In addition, the World Bank stated in its semi-annual Global Economic Outlook report that global gross domestic product (GDP) will grow by 5.6% this year, higher than the 4.1% forecast in January. This is mainly due to the growth of 6.8% in the United States and 8.5% in China. The World Bank revised its historical data to reflect the updated GDP weight. After the news came, spot gold fell 20 US dollars in a short-term, and the refresh day was as low as 1883.64 US dollars. The price of gold closed at US$1,892.75/ounce, down US$6.20 or 0.33%. It hit a high of US$1,903.73/ounce during the intraday session, but was subsequently suppressed by huge amounts of funds and refreshed to a daily low of US$1,883.64/ounce.
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