Last week, the Paxos tokenized gold digital asset PAXG had a 20% premium over physical gold

According to Jinse Caijing, due to the continuous escalation of geopolitical tensions in the Middle East, stimulating the demand for safe-haven assets, the price of PAX Gold (PAXG), a gold-backed digital asset created by Paxos, soared over the weekend. It is reported that last Saturday, PAXG surged to $2,923, exceeding 20% premium over Friday's gold price of $2,342.90 per ounce. Observers found that the trading prices of Bitcoin and PAXG are perfectly negatively correlated, indicating weak demand as a geopolitical hedge tool. However, as it seems that the United States has convinced Israel to stop retaliating and concerns about escalation between Iran and Israel have eased in the market. In addition, it is expected that a BTC ETF will be approved in Hong Kong later on Monday or this week which will drive Bitcoin back above $65,000.