Earlier this month, bitcoin was on top of the world, hitting yet another new all-time high of roughly $125,000. Around the same time, applications for a large number of increasingly speculative crypto exchange-traded funds (ETFs) were filed with the U.S. Securities and Exchange Commission (SEC), which some saw as signs of an overheated market.

A couple of weeks later, the bitcoin price now sits near the $105,000 mark, which is a 16% drop from the recent high.

Although bitcoin is often characterized as a sort of digital gold that can operate as a hedge against inflation and general economic turmoil around the world, the reality is that it is currently being outperformed by actual, physical gold amid the escalating trade conflict between the U.S. and China and other fears.

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