The crypto market experienced a significant downturn, with bitcoin declining by 2.5% over the past 24 hours. Ether saw a steeper drop of nearly 6%, while XRP and dogecoin fell by 5.5% and 7%, respectively. The CoinDesk 20 Index also decreased by 4.65%. In contrast, gold reached new highs, boosting the market capitalization of gold-backed tokens to $1.4 billion in March. Investors appear to be shifting towards safer assets ahead of the U.S. personal consumption expenditure report, which could impact Federal Reserve interest rate decisions. Additionally, a record $12.2 billion in bitcoin options are set to expire today on Deribit, though the market is expected to remain stable due to low implied volatility and small options open interest compared to spot activity. Bitcoin spot ETFs have attracted nearly $1 billion in inflows over the past two weeks, while ether ETFs saw outflows of about $115 million. Goldman Sachs has raised its gold price target to $3,300 per troy ounce, with a potential increase to $4,500 in extreme scenarios.
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