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American financier Anthony Scaramucci has urged Bitcoin holders to "get ready" after the leading cryptocurrency by market cap gained more than 10% against gold earlier today.
As reported by U.Today, the SkyBridge Capital founder previously stated that he would like Bitcoin to surge all the way to $150,000.
A sharp crash
Earlier today, gold crashed to an intraday low of $4,683 before regaining some ground.
At the same time, Silver actually recorded the biggest daily drop of all time, losing more than 30% in a single day.
However, despite the massive drop, it remains the best-performing asset of this year so far. In fact, the precious metal is still three times more expensive than it was nine months ago.
The nomination of Kevin Warsh, who is considered to be relatively hawkish, as the next Federal Reserve Chair is likely to be one of the main triggers behind the recent meltdown experienced by precious metals. Warsh favors tighter policy and higher-for-longer interest rates, and traders are betting on a stronger dollar.
Cathie Wood's warning
On Thursday, Cathie Wood of Ark Invest riled up gold bugs by predicting that the enormous precious metal rally was coming to an end.
Wood noted that the market cap of gold as a percent of the US money supply (M2) recently hit a new peak, surpassing the long-standing all-time high that was recorded in 1980 during the period of sky-high inflation.
"While parabolic moves often take asset prices higher than most investors would think possible, the out-of-this-world spikes tend to occur at the end of a cycle," the Ark Invest boss stated in her social media post.
Alex Dovbnya
Denys Serhiichuk
Caroline Amosun
Tomiwabold Olajide