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<p><i>Morning Minute is a daily newsletter by <a href="https://twitter.com/Tyler_Did_It" target="_blank" rel="noopener noreferrer">Tyler Warner</a>. The views and opinions are his own and do not necessarily reflect those of Decrypt. Subscribe to the Morning Minute <a href="https://luckytrader.substack.com/" target="_blank" rel="noopener noreferrer">on Substack</a>.</i></p>
<p>Good Morning!</p>
<h2>Today's Key Updates:</h2>
<ul>
<li>Major cryptocurrencies experience declines despite a neutral FOMC; BTC trading at $87,800.</li>
<li>Hyperliquid’s HIP-3 reaches over $2B in trading volume as Gold and Silver hit all-time highs.</li>
<li>The White House is pursuing discussions with banks and crypto firms regarding the Clarity Act.</li>
<li>Fidelity introduces its stablecoin, FIDD, on the Ethereum blockchain.</li>
<li>MegaETH hints at its mainnet and token launch scheduled for February 9.</li>
</ul>
<h2>🟡 Gold Prices Surge Toward $5,600 Ounce</h2>
<p>Gold is experiencing a significant rise while digital gold struggles. Will this trend persist?</p>
<h2>📌 Recent Developments</h2>
<p>On Wednesday, gold prices surged to new all-time highs, nearing <strong>$5,600 per ounce</strong>.</p>
<p>Gold has increased over 27% in just 28 days and approximately 100% year-to-date.</p>
<p>Several factors propelling this growth include geopolitical tensions, a weakening U.S. dollar, and speculation about potential monetary easing by central banks.</p>
<p>Alongside, Tether has bolstered its gold reserves substantially, now holding around 140 tonnes valued at approximately $23B, positioning itself as one of the largest non-sovereign gold holders globally.</p>
<p>Tether's CEO, Paolo Ardoino, mentioned plans to continue expanding these reserves as part of a diversification strategy supporting USDT and its gold-backed token XAUt.</p>
<h2>🗣️ Insights from Industry Leaders</h2>
<p><i>“We are becoming one of the largest, let’s say, gold central banks in the world.”</i> - Paolo Ardoino, CEO of Tether.</p>
<h2>🧠 Significance of the Surge</h2>
<p>This increase in gold prices reflects a safe-haven move amid geopolitical uncertainty and reactions to the declining dollar, particularly with China investing heavily in it compared to other assets.</p>
<p>However, the scale of the price shift is unprecedented, with gold's market cap around $37T versus Bitcoin's approximate $1.8T.</p>
<p>Gold's more than 5% rise on Wednesday effectively added Bitcoin's entire market cap in a single day.</p>
<p>The pressing question now is: what could cause a shift between gold and Bitcoin?</p>
<h2>Possible Scenarios for Rotation</h2>
<ol>
<li>If there’s renewed monetary expansion, both gold and Bitcoin might benefit; however, Bitcoin may outperform due to its higher volatility.</li>
<li>Strain in bond markets could drive gold higher; if this spills over into credit or equity markets, Bitcoin could regain its status as a hedge.</li>
<li>A change in investor sentiment could shift momentum away from gold and make Bitcoin appealing since it hasn't appreciated as much.</li>
</ol>
<p>Predicting when this rotation might occur is challenging, but if it does happen, Bitcoin's response could be rapid and dramatic.</p>
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