7 days ago
Gold-backed cryptocurrencies like Paxos Gold ( PAXG ) and Tether Gold ( XAUT ) retreated from record highs on Friday amid a global financial-markets sell-off that erased $2.5 trillion from U.S. equities alone in a single day after U.S. President Donald Trump unveiled his reciprocal tariffs. The tokens, which are backed by physical gold and track its price, initially rallied as investors sought shelter from the uncertainty the tariffs introduced. Gold is usually seen as a haven investment, but large-scale losses in equity markets often force investors to liquidate safer assets to cover margin calls and cash out losses. PAXG climbed to an all-time high of $3,191 with XAUT following closely behind to reach $3,190, exceeding spot gold’s peak of $3,167. The initial rise didn’t last, with PAXG dropping to $3,074 and XAUT to $3,064, mirroring gold`s pullback to $3,038 per ounce. The tariffs announced on Wednesday spooked markets with their breadth and unclear targets. Investors, already jittery from a volatile global outlook, responded swiftly. The S&P 500 posted one of its steepest drops since the COVID-era panic in 2020 on Thursday, while the Nasdaq 100 saw its worst single-day point loss in history according to the Kobeissi Letter. The rout extended into a second day, with the MSCI World Index dropping 4.3% on Friday after losing 3.7% on Thursday. Still, gold-backed tokens remain 17% higher since the start of the year. The rally has been driven by Federal Reserve interest-rate cuts, sustained demand from Asia and a wave of central bank buying earlier in the year. In February, central banks reported net gold purchases of 24 metric tons, according to the World Gold Council . Poland led the pack, adding 29 tons and bringing its total reserves to 480 tons, now 20% of its foreign exchange holdings. China, Turkey, Jordan, and Qatar also increased their holdings.
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Markets Gold Paxg Xaut Stablecoins
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CURVE DAO PRICE ANALYSIS & PREDICTION (April 11) – CRV Rallies 20% to a New Monthly High as it Signals a Reversal
Following last weekend’s dump that strengthened bearish footings, CRV started this week on a short mode and tested a key level. Fortunately, the level produced support, and the price surged as volume flowed back. The first week of this month was quite depressing as the bears continued to step back into the market. They mounted pressure and pulled the price lower following an increasing volume outflow since late last month. This led to serious panic among investors, but the $0.49 level held well after a rejection, and the price bounced back. Leading to a quick resurge, the price increased significantly above $0.6 following a slight breakout. CRV’s steady surge was triggered by an increasing volume inflow daily. A further increase in this volume could fuel a major bullish rally on a short-term scale. Looking at the price action, it just signaled a reversal with an inverse head-and-shoulder (H&S) breakout on the daily chart. The pattern was formed after primarily establishing support at $0.35 last month. As of now, there’s no room for the bears. If they manage to step back, they must reclaim last month’s low before we can consider an extension. Without any doubt, the bulls are currently in charge. CRV’s Key Levels To Watch Source: Tradingview While it may pull back to the $0.49 level, the latest surge in volatility was supported by the weekly $0.396 low and March’s $0.347 support. A new multi-month low may print at $027 if the price breaks lower. Breaking slightly out of the H&S neckline, the resistance level to watch next in the ongoing surge is $0.762, along with the $0.92 level. Flipping through these levels could bring us straight to $1.1. Key Resistance Levels: $0.762, $0.92, $1.1 Key Support Levels: $0.49, $0.396, $0.347 Spot Price: $0.619 Trend: Bullish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! CoinDesk
Ripple’s $1.25 Billion Acquisition Sparks Speculation on Potential Crypto Bull Market Revival
This week, major developments in the cryptocurrency space have sparked discussions about the industry’s future, highlighting Ripple’s bold acquisition and the evolving landscape of crypto regulations. Ripple’s strategic move to CoinDesk
