Gold suffered a massive $2.5 trillion market cap dip comparable to the entire Bitcoin market, showing that “safe-haven” assets are not immune to volatility.
Gold, one of the oldest and most trusted stores of value, suffered a brutal sell-off in just 24 hours, wiping out trillions of dollars in market value, more than the entire value of Bitcoin.
The gold market extended Tuesday’s massive correction, with $2.5 trillion being erased from its market cap on Wednesday, according to the financial analysis publication, The Kobeissi Letter.
Putting gold on track for its largest two-day decline since 2013, the 8% drop has sparked panic among investors who had turned to the metal as a hedge against inflation and market volatility after its 60% surge earlier in 2022.
