Bitcoin Rebounds Above $123K as Miners Rally; VanEck Sees $644K BTC Amid Gold Gains

Group 1: Cryptocurrency Market Overview - Bitcoin (BTC) has regained value, climbing back to nearly $124,000 after a drop to $120,000, with a recent trading price of $123,500, reflecting a 1.5% increase over the past 24 hours [1] - Altcoins such as Ethereum (ETH), Ripple's XRP (XRP), Solana (SOL), dogecoin (DOGE), and Avalanche (AVAX) saw gains between 1% and 3%, while the CoinDesk 20 Index rose by 2% [1] Group 2: Crypto-Related Stocks Performance - BTC miners linked to high-performance computing infrastructure led the stock gains, with Cipher Mining (CIFR) and Bitfarms (BITF) increasing by 11%–12%, and CleanSpark (CLSK) and Hut 8 (HUT) adding around 6% [2] - The optimism surrounding these gains is attributed to the anticipated demand for computing power driven by artificial intelligence [2] Group 3: Gold Market Dynamics - Gold continues to dominate the "debasement trade," surpassing $4,000 and increasing by 50% this year, driven by rising government deficits, unstable bond markets, and expectations of looser monetary policy [4] - The recent rise in Japanese yields to 17-year highs has heightened global investor anxiety, leading to a shift of capital towards gold as a safe haven, negatively impacting risk assets like cryptocurrencies [4] Group 4: Future Outlook for Bitcoin - Charlie Morris, chief investment officer at ByteTree, suggests that Bitcoin could become more attractive once gold's appeal diminishes, as historically, Bitcoin has benefited during macro-driven risk rotations [6] - Matthew Sigel from VanEck posits that Bitcoin could eventually capture half the market size of gold, which would imply a price of $644,000 per BTC based on current gold gains [7]