Gold Surges to Record High While Bitcoin Weakens, Triggering a Crypto Market Meltdown

TradingKey – Ahead of Jerome Powell’s speech, gold rallies to a new all-time high, while Bitcoin’s decline sparks a broad crypto selloff.

On Monday, September 22, during the Asian afternoon session, gold (XAUUSD) surged 0.8% intraday to a new record of $3,720 per ounce — breaking the previous high set after the Federal Reserve’s September 17 rate decision.

Gold Price Chart – Source: TradingView.

In contrast, Bitcoin (BTC) continued its downward trend, dragging the entire crypto market lower and triggering over 400,000 liquidations. BTC dropped more than 2%, falling to around $112,000. Ethereum (ETH) plunged over 6%, briefly touching $4,000, while Ripple (XRP) also fell more than 6%, momentarily dipping below $28,000.

Following the Fed’s rate decision, the crypto market has lacked clear bullish catalysts. However, several Federal Reserve officials are scheduled to speak this week — including Chair Jerome Powell. According to the Fed’s official calendar, Powell will deliver a speech on the economic outlook this Wednesday, and markets are watching closely for signs of further rate cuts.