Bitcoin is now worth more than gold as the US dollar strengthens

 
Courtney Goldsmith
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Gold has weakened today while bitcoin revives investor interest (Source: Getty)

The price of bitcoin has overtaken gold today for the first time ever.

The cryptocurrency was up to $1,275.15 this morning, while the price of gold dropped 0.35 per cent to $1,228.60 per ounce.

Bitcoin has already had a tumultuous year as fears the Chinese government was moving to outlaw it dampened investor interest.

But now the currency's price has grown more than 31 per cent since the beginning of 2017 as investors speculate over whether the US Securities and Exchange Commission (SEC) will approve one of three bitcoin-focused exchange-traded funds (ETFs).

The deadline for the decision is set for 11 March.

Meanwhile, investors have taken a cautious approach to gold as the US dollar strengthens.The yellow metal fell to a two-week low today as the dollar soared ahead of Federal Reserve speeches later today.

"Today sees key speeches from Fed Chair Janet Yellen and at least three other voting members, with any indication of a March rate hike from Yellen likely to add to the non-yielding safe haven’s woes," said analysts Mike van Dulken and Henry Croft at Accendo Markets.

Read more: Gold has surged to its highest price since the US election in November

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