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Investors are witnessing a decoupling of the relationship between gold’s fair value and US real yields, as concerns over the Ukraine war and high, persistent inflation prompt investors to put more emphasis on gold’s safe haven status. For over a decade, gold’s key price driver has been the real yield on 10-year US Treasuries, which defines the opportunity cost of holding the non-yielding asset. Other factors determining the gold price are its safe haven status during periods of political crisis and its value as a hedge against inflation. Gold is sensitive to rising interest rates, particularly US bond rates, which increase the opportunity cost of holding non-yielding bullion and put downward pressure on its price. But when investors focus on political or economic crises they will buy gold as a hedge, as they have been doing this year. ...
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Powered by 21Shares This Month in Crypto The market cap of the overall cryptoassets market is down by 16% since April 2 and dipped to as low as $1.39T on April 18 but quickly jumped back to hover currently at almost $1.82T. Bitcoin and Ethereum are down by 16.6% and 18.9% respectively since last month. April was not a ray of sunshine for the equity market either. The S&P 500 suffered its worst April in 52 years, plunging by 13.3% since the year to date. In this monthly review, we will delve deeper into the macroeconomic factors driving these drops and showcase some valuable onchain metrics indicating healthy fundamentals. We will also shed light on the month’s most significant developments on the regulatory landscape, DeFi, and the wider metaverse. Figure 1: Total Crypto Market Cap Over The Last 30 Days ...