Major cryptocurrencies like Bitcoin broadly declined, gold tokens fell in tandem, with markets focused on Fed rate hike risks and geopolitical tensions.
Today's market risk appetite clearly declined, with cryptocurrencies and gold tokens falling in tandem, mainly due to rising Fed rate hike expectations and a global bond market selloff. U.S. Treasury yields hit multi-year highs, and Japan's 10-year yield reached a 30-year high, pressuring non-yielding assets. Geopolitical risks (such as the U.S.-Iran conflict) pushed oil prices up but failed to boost gold, indicating markets are more focused on the rate path than safe-haven demand. Additionally, the stablecoin space saw major institutional entry, which could reshape the payment landscape, but short-term impact on crypto markets is limited.
Crypto markets broadly declined, with Bitcoin down 1.79% to $77,398.85, Ethereum down 2.22% to $2,419.97, and SOL down 3.19% to $100.11, reflecting cautious sentiment. The decline is mainly due to macro rate risks, not crypto fundamentals. On the institutional side, 21 major financial institutions plan to launch stablecoins, which could enhance the legitimacy of crypto assets but may divert funds in the short term. Robinhood Chain's record revenue shows active on-chain applications, but it failed to reverse the overall downtrend. Additionally, regulatory developments such as the UK freezing Sorare funds and the SEC updating transfer agent rules may add uncertainty.
Gold tokens XAUT and PAXG fell 2.57% and 2.33% respectively, consistent with spot gold, as rising U.S. Treasury yields and stronger rate hike expectations weakened gold's appeal. Despite geopolitical conflicts (U.S.-Iran) typically being positive for gold, the market is currently more focused on rate factors, pressuring gold. Technically, gold prices may test lower levels, but oversold bounce risks are also accumulating. Investors should monitor Fed officials' speeches and inflation data to gauge short-term direction for gold.
This briefing is generated automatically from public sources for reference only and is not investment advice. Markets carry risk; make your own decisions.
