Paxos: PAXG Rises on Spot Gold Volatility
In a post on the X platform, Paxos said that since the end of last week, the spot price of gold has fluctuated dramatically, and the price of PAXG, the gold stablecoin on various exchanges, has risen. paxos said that holding PAXG means directly owning Paxos's London Eligible for Delivery (EfD) gold, which is held in London vaults, and that 1 PAXG = 1 troy ounce of gold, but that on Friday, April 12, 2024, the 1 ounce gold On Friday, April 12, 2024, the spot price of 1 ounce of gold fluctuated by more than $100, an unprecedented occurrence. Each exchange is an ecosystem of its own with unique behavior. For example, PAXG prices on DEX exchanges such as Uniswap are more stable, while PAXG prices on CEX exchanges are more volatile, which is to be expected as liquidity varies across venues.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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