QCP Capital, a Singapore crypto investment institution, reported that gold broke through the key position of US $3500 per ounce overnight. Investors were worried about the independence of the Federal Reserve and withdrew from US stocks, treasury bond bonds and the US dollar. Trump's call for interest rate cuts and rumors of the possibility of dismissing the Federal Reserve chairman have intensified market anxiety. Both gold and Bitcoin have performed strongly, with Bitcoin rising to its highest level since early April during the US trading session boosted by spot demand. Spot trading volume exceeded perpetual contracts, and the Coinbase premium and inflow of Bitcoin spot ETF funds indicate a rebound in institutional interest. Bitcoin remained stable overnight, strengthening its view of decoupling from other assets and becoming a beneficiary of the outflow of US dollar risk assets along with gold. The Bitcoin options market is bullish skewed. The US credit market is under pressure, with the cost of advanced credit default insurance rising to a one week high, intensifying investor concerns. The tension between Trump and the Federal Reserve may escalate, and the market needs to prepare for volatility. Gold and Bitcoin remain strong, showing attractiveness in the face of safe haven demand.
