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“Did Someone 51 Percent Attack Gold?”: Bitcoin Community Gloats Over Lustrous Metal’s Crash

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Mon, 08/09/2021 - 05:49
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Alex Dovbnya
The cryptocurrency community was quick to gloat over gold’s flash crash
“Did Someone 51 Percent Attack Gold?”: Bitcoin Community Gloats Over Lustrous Metal’s Crash
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Gold started this week with a massive flash crash after the upbeat jobs data that was released on Friday.

The growing employment momentum signals that the U.S. Federal Reserve may soon start withdrawing its monetary support.

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Earlier today, spot bullion tanked to a four-month low of $1,681. However, it managed to stage a quick recovery, paring more than half of its four percent drop.

Given the long-standing rivalry between gold and Bitcoin, many members of the cryptocurrency community had a field day. Kevin Zhang, vice president of crypto mining company Foundry Services, jokingly asked whether the yellow metal was under a 51 percent attack.

Meanwhile, many pointed out that the returns of gold investors went negative over the last ten years.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.