Gate News message, April 7, a well-known Bitcoin analyst Willy Woo recently responded to a post questioning that “Bitcoin consumes too much energy.” He said there are only three ways to ensure the safety of a currency’s ledger: relying on physical atoms (like gold), depending on energy consumption (like Bitcoin), and building on social/political consensus (like fiat currency). Willy Woo emphasized that energy is the only path to forging an absolute hard currency, and physical atoms are not scarce.

Gate News message, April 7, the market shows that spot gold fell by more than $20 in the short term, with the latest price at $4,625 per ounce. New York futures silver fell 3.00% during the day, currently at $70.66 per ounce; spot silver slipped below $71 per ounce, down 2.46% on the day.

Gate News message: On April 7, the crypto rewards fintech company GoSats announced the completion of a $5 million Series A round of financing, led by Konvoy, with participation from Y Combinator, Taisu Ventures, and others. GoSats' business model links Bitcoin and gold rewards to everyday spending, helping businesses acquire customers and boost user loyalty. The funds from this round will be used to develop innovative fintech products and to build AI-powered personalized services.

Gate News message, April 7, gold supporter Peter Schiff posted, saying that assuming Bitcoin drops to $10k by the end of 2026, it will still be the best-performing asset of the next decade. Schiff said he is sure Michael Saylor will rely on this to keep pushing up the price of Bitcoin and issue more shares to buy Bitcoin. But a 92% drop will make it the worst-performing investment for most long-term holders.

Gate News message: On April 7, spot gold broke through 4680 USD per ounce, up 0.66% intraday.

On-chain data shows that the whale starting with 0x06a completed the second round of GOLD long positions between April 6 and 7. Its position size increased to $13.20 million, with an average entry price of $4,677. It is currently down slightly by about $43k. This address previously opened GOLD long positions with a $10.30 million size, realized a profit of $417k, and then closed the positions.

Gate News update: On April 7, the People’s Bank of China reported that its gold reserves at the end of March were 74.38 million ounces (about 2,313.48 tons), up 160k ounces (about 4.98 tons) month-over-month. Gold reserves at the end of February were 74.22 million ounces (about 2,308.5 tons). This is the 17th consecutive month that the People’s Bank of China has added to its gold holdings.

Gate News message, April 7, UBS lowered its forecast for the gold price at the end of June to $5,200 per ounce. UBS said the cut was due to cooling investor demand for gold as market volatility intensified.

Gate News message; April 7, according to Gate’s latest data, the gold price rose to 4657.79 USD/oz, up 0.15% during the day. The silver price rose to 72.886 USD/oz, up 0.14% during the day. BVIX (BTC Volatility Index) latest quote 47.99, down 1.17% during the day; EVIX (ETH Volatility Index) latest quote 67.68, down 3.04% during the day. In the foreign exchange market, the US dollar to offshore Chinese yuan (USD/CNH) rose 0.02% during the day; current exchange rate

On April 6, gold prices fell to $4,675.42 per ounce, and silver prices were $72.681 per ounce. In the crypto market, the BTC and ETH volatility indexes were 47.66 and 67.41, respectively. In the FX market, the U.S. dollar versus the Chinese yuan and the Japanese yen edged down, European stock indexes generally declined, WTI crude oil rose, and Brent crude oil fell. The Gate platform supports trading for a variety of financial market products.