Bitcoin Trades Near $81,000 and Gold Holds Above $4,000 as Investors Wait for the Fed

Bitcoin approached $81,000 in Asian trading on Wednesday ahead of the Federal Reserve decision, CoinDesk reported. Other large tokens rose more than bitcoin as technology stocks extended their gains, and the privacy coin Zcash rose 8%. On Tuesday, bitcoin recovered from an early low near $79,400 to trade around $80,500, Bitcoin Magazine reported. The magazine cited the Fed decision and the November 3 midterm elections as the main events ahead.

Gold traded on rates and oil. Physical gold climbed back above $4,000 an ounce as the Fed's two-day meeting opened, while silver slipped and the gold-to-silver ratio neared 75, USAGOLD reported. Gold rose above $4,050 late on Tuesday as Wall Street rallied, according to Kitco. Lower crude prices during Tuesday's session had eased inflation concerns, CNBC reported. Crude then rose again in Asia after the Houthi claim against Saudi Arabia.

Fund managers keep packaging the two assets together for retail investors. VanEck launched its Wealth Builder exchange-traded fund on the New York Stock Exchange, which combines stocks, bonds, gold and indirect bitcoin exposure in one fund for an annual fee of 0.26%, Bitcoin Magazine reported.

The two assets are responding to different forces. Gold faces higher Treasury yields and an expected December rate increase, which raise the cost of holding a metal that pays no interest. Oil-driven inflation and war risk support it. Bitcoin's day-to-day moves continue to follow technology equities and liquidity expectations.