Comex copper futures settled at $6.71 per pound on Tuesday, marking the highest closing price on record for the metal. Techub, citing BeInCrypto, said a debasement trade is lifting both metals and crypto as investors shift toward scarce assets on concerns that U.S. debt management could weaken the dollar. Gold, silver and bitcoin all moved higher under that backdrop. Last week, the U.S. Treasury raised its maximum bond buyback size from $2 billion to at least $4 billion, a step the market read as a form of stealth easing that added pressure to the dollar. The dollar index is now near a three-month low, while gold is trading around $4,666 per ounce and posting its best monthly performance since 1999. Bitcoin tracked the move in metals, trading near $78,900 with a 24-hour gain of about 0.23%, according to BeInCrypto. Earlier on Tuesday, BTC briefly moved above $81,000, its highest level since May. CoinGlass data showed that more than $4 billion in short positions were liquidated during the breakout.
Comex copper futures closed at $6.71 per pound on Tuesday, the highest closing price on record for the metal.
Techub, citing BeInCrypto, reported that a debasement trade is pushing up both metals and cryptocurrencies. Investors are rotating into scarce assets on concern that U.S. debt management could weaken the dollar, lifting gold, silver and bitcoin.
Last week, the U.S. Treasury increased its maximum bond buyback size from $2 billion to at least $4 billion. The market interpreted the move as stealth easing, putting pressure on the dollar. The dollar index is near a three-month low, while gold is trading around $4,666 per ounce and is on track for its best monthly performance since 1999.
Bitcoin moved in line with metals. According to BeInCrypto data, BTC was trading near $78,900, up about 0.23% over the past 24 hours. Earlier on Tuesday, it briefly rose above $81,000, its highest level since May.
CoinGlass data showed that more than $4 billion in short positions were liquidated during the breakout.
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