PANews reported on April 22 that QCP Capital, a cryptocurrency investment institution in Singapore, stated that gold broke through the key level of $3,500 per ounce overnight due to investors' concerns about the Federal Reserve's independence, leading to withdrawals from US stocks, Treasury bonds, and the US dollar. Rumors of Trump calling for interest rate cuts and potentially removing the Federal Reserve chairman have intensified market unease. Both gold and Bitcoin performed strongly, with Bitcoin rising to its highest level since early April during US trading hours, driven by spot demand. Spot trading volume exceeded perpetual contracts, and Coinbase premiums and Bitcoin spot ETF fund inflows indicate a resurgence of institutional interest. Bitcoin remained stable overnight, reinforcing the view of its decoupling from other assets and benefiting from dollar risk asset outflows alongside gold. The Bitcoin options market shows a bullish skew. The US credit market is under pressure, with senior credit default insurance costs rising to a week-high, and investor concerns are escalating. The tense relationship between Trump and the Federal Reserve may intensify, and the market needs to prepare for volatility. Gold and Bitcoin remain resilient, demonstrating attractiveness under safe-haven demand.
