Gold's one-year low, Binance's record hack, and the tech selloff

Welcome to Venor News, Weekend Edition. I'm Gracy Skai.

Gold fell sharply this week, even as stock markets tumbled.

A record heist at the world's largest exchange shook crypto.

Tech stocks slid hard as investors questioned AI spending.

Gold tumbled 3.2 percent this week to a one-year low. Bitcoin fell 3.9 percent and Ethereum 4.2 percent. Solana lost 5.7 percent. The mood was defensive: higher rates, a tech selloff and a record exchange hack kept risk appetite weak.

Our number of the week: 5.9 percent. That's how far Avalanche fell this week.

Gold closed the week at 3,875 dollars, its weakest in a year. MarketWatch reports gold plunged to its lowest price in a year even as Iran jitters returned. Kitco reported higher oil prices are fuelling fears of more pain ahead. Reuters reports Fed officials made the case for rate hikes this week. For traders, gold's usual safe-haven role is being questioned going into next week.

Hackers stole 6.3 billion dollars from Binance in a record heist blamed on North Korea. Better Markets said the hack exposes gaps in US crypto regulation. The CFTC Chair said Binance and other exchanges will be able to opt into federal regulation. Crypto trades through the weekend, and traders will watch how the industry digests both the hack and the regulatory response.

Next week's economic calendar has no scheduled high-impact events. The full table is on our website.

Finally, the barometer at Friday's close, going into the new week: pound-dollar is clearly bullish, dollar-yen is clearly bearish, and gold is clearly bearish. For short-term sentiment, watch Market Pulse on our website once markets reopen. And our Session's Briefing returns before Sunday's open, on our Telegram channel, Venor Analysis. Scan the code on your screen to join.

That's all from Venor News. Goodbye, and happy trading.