Bitcoin (BTC-USD) is beginning to rebound after a sharp drop from its all-time high of over $70,000. The initial sell-off began from decreased demand in spot bitcoin ETFs.

Gold (GC=F) continues to soar as the precious metal is trading at a new all-time high of over $2,200. The increased trading is in part due to the market's anticipation of interest rate cuts from the Federal Reserve later this year.

Yahoo Finance Senior Reporter Ines Ferré joins the Live show to break down the movements in bitcoin, gold and more.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Editor's note: This article was written by Nicholas Jacobino

Video Transcript

SEANA SMITH: Let's take a look at gold and what's also being dubbed digital gold on the move. Now, gold is trading at all-time highs, breaking above $2,200 and troy ounce level, on dovish comments from the Fed. So reaching an all-time high. Also, bitcoin on the rebound this morning. It's back above 67,000. Ines Ferré is over at the big board with a closer look at the pricing action that we've seen. Ines.

INES FERRE: Yeah, Seana. Take a look at bitcoin right now. As you just mentioned, up 6%. This is over the last 24 hours because, remember that bitcoin trade seven days 24/7. So we are seeing the price action here moving higher. But over a seven-day chart, you can see where you saw bitcoin basically tumbling down to below around $62,000 per token in the last several sessions, and you-- part of that had also to do with outflows from those spot bitcoin ETFs, grayscale being-- being one of them that saw most of the outflows. But nevertheless, outflows from those for three days in a row from those spot ETFs.

Ethereum also, I want to mention, up around 3,500 per token. Moving on to gold. gold touching new highs after those Fed comments from yesterday, where we're looking at gold futures at 2000, just above 2,200 per ounce. Now adjusted for inflation, gold had a high back in 1980. But nonetheless, this is a big run-up for gold, as we're seeing because the market is anticipating Fed cuts later this year. So yesterday's comments from Fed Chair Jerome Powell basically indicating that there will be cuts coming that is sending gold higher, guys.