Gold prices lost about 4.5% in value this week after hitting a record peak of $2,072.50 on August 7.
MicroStrategy recently adopted Bitcoin as a treasury reserve asset to hedge against fiat inflation.
The plunge came as appetite for risk assets recovered thanks to a stronger greenback and real rates.
This marks gold's steepest daily decline in nearly five months.
PAX Gold (PAXG) is a crypto asset backed by Gold.
American Dollar Index gained 0.27% to trade at 93.025.
The price of Spot gold as at 05.59 GMT was up by 0.20% to trade at $2,023.41.
Gold futures gained 0.46% to trade at $1983 at about 6.41 am GMT.
Gold price has gained about 30% so far in 2020.
Commodities play a vital role in Nigeria’s economy, accounting for more than 90% of its export.