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According to news on November 12, according to CoinGabbar, according to the 2023 Global Cryptocurrency Adoption Index report recently released by blockchain analysis platform Chainalysis, India ranks first in cryptocurrency adoption. The index, which appears in Chainalysis' annual "Cryptocurrency Geography" report, specifically assesses cryptocurrency adoption among the general population, rather than focusing solely on transaction volume. India ranks higher in the index than other countries with higher levels of cryptocurrency trading and mining activity. Furthermore, when examining the top countries based on raw estimated cryptocurrency values received between July 2022 and June 2023, India ranks second.
According to a Chainalysis report, India received approximately $250 billion worth of cryptocurrencies over the past year, second only to the United States, which received approximately $1 trillion worth of cryptocurrencies during the same period. India ranks first in the comprehensive index ranking, centralized service value ranking, retail centralized service value ranking, and DeFi value ranking, but ranks fifth in the P2P exchange trading volume ranking. India is followed by Nigeria, Vietnam, the United States, Ukraine, the Philippines and Indonesia.
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It can be seen that yesterday’s surge in gold prices was the second surge in nearly a week, with a one-day surge of more than $23. Last Wednesday (July 12), the price of gold rose by more than 1.4%, with a one-day surge of more than $25.
Even if the price of gold has surged over $20 twice a day in the past week, it is insignificant compared with the cumulative increase in the price of gold in the past year.
A year ago, at the end of September 2022, the lowest price of gold was still US$1618.3, and the highest price reached US$2085.4 in early May of this year. During this period, the price of gold rose by more than US$467, an increase of more than 28.86%!
You know, this thing is a hard currency in the world, and its annual increase of over 28% is really quite a lot.
The main reason why the international gold price has risen in the past year is related to the inflation rate in the United States and the monetary strategy of the Federal Reserve.
The intensity of this round of interest rate hikes by the Federal Reserve is beyond the imagination of many people. The latest data showed that the US core inflation rate fell to 4.6%. The absolute value of this figure seems to be relatively high, but in fact it has come down from a high level, which means that the downward trend of the US inflation rate has emerged.
Although the Federal Reserve hinted that it will raise interest rates several times this year, the market expects that even if it raises interest rates, the rate will not be large. Moreover, the market has already begun to expect the arrival of the subsequent interest rate cut cycle a few months ago.
It is under such expectations that gold has shown an overall upward trend.