Gold keeps climbing, Bitcoin remains on the sidelines

Every week, Amdax summarizes what’s happening in the crypto market for you. Want to dive deeper? Click on the links in this email for more insights.

This newsletter is a co-production with our partner, Bitcoin Alpha. 

Market Update 

Stay informed in three steps:

1. U.S. Inflation Declines, but Import Tariffs Fuel Uncertainty
In March, the U.S. Consumer Price Index (CPI) came in at 2.4% year-over-year, the lowest level since October 2024. The slight monthly decrease of 0.1% is mainly attributed to lower energy prices. However, inflation remains a concern. The recent hike in import tariffs by the U.S. government — with peaks of up to 125% on Chinese goods — could eventually lead to higher prices and a drag on economic growth.

2. Bitcoin Remains Calm While Gold Surges
The price of gold surged more than 7% last week, reaching a new record high. Amid geopolitical tensions and uncertainty surrounding interest rate policy, investors are turning to scarce and neutral assets. Bitcoin showed a slight rebound, but it is too early to speak of a structural turnaround. While gold continues to confirm its role as a safe haven, bitcoin still has to prove itself in that position.

3. Higher Interest Rates Amid Bond Market Turmoil
Yields on U.S. Treasury bonds continue to rise. Since the announcement of new import tariffs, concerns about the U.S. government's financial position have intensified. Volatility in ten-year bond yields even prompted a policy shift from Trump, who decided to pause most tariffs for 90 days. Investors are questioning the long-term stability and creditworthiness of the U.S. government. The central bank could step in with an interest rate cut, but for now, sees no reason to do so.
 

News Overview

Signal from the noise:

• Total Market Value of Real-World Assets (RWA) Surpasses $20 Billion
  While most sectors in crypto are still lagging far behind their all-time highs, tokenization continues its steady rise. The main driver? BlackRock’s BUIDL fund, which grew by 190% in just one month to reach $2.3 billion. A notable newcomer is the on-chain fund by Anglo-American asset manager Janus Henderson. With a weekly growth of +290%, it’s rapidly climbing toward the top 10.
   
• Libra Scandal Takes a Legal Turn
  Argentinian authorities have launched a criminal investigation into alleged fraud and money laundering involving the collapsed memecoin Libra. The probe is also examining individuals close to President Milei. Meanwhile, parliament has established a special committee to investigate political ties to the project. Milei denies all involvement, calling it a witch hunt—but the trust of thousands of Argentinians vanished just as quickly as their investments.
   
• Grayscale: Trump’s Trade War is Bullish for Bitcoin
  In a new report, Grayscale argues that import tariffs could trigger stagflation—a combination of high inflation and low economic growth—creating a favorable environment for scarce assets like gold and bitcoin. Rising geopolitical tensions could also push nations to diversify away from the U.S. dollar. While equities tumble, bitcoin is holding up surprisingly well. Chaos as a tailwind? Grayscale thinks so.
   
• Bitwise: Bitcoin Will Thrive as Dollar System Weakens
  Bitwise CIO Matt Hougan predicts that Trump’s tariffs and dollar policy will force the world to reconsider the dominance of a single reserve currency. In a more fragmented monetary landscape, hard assets like gold and bitcoin could gain serious momentum. Not as a crisis hedge, but as part of a strategic realignment—with BTC earning a legitimate seat at the table.

Amdax’s Take

Amid geopolitical tensions, rising bond yields, and volatile market swings, bitcoin remains remarkably stable. While gold surges and altcoins lag behind, confidence in bitcoin as a resilient alternative in a fragmented world appears to be growing. Meanwhile, the tokenization of real-world assets is gaining momentum, driven by institutional players. Behind the sensational headlines, the foundations of a mature crypto market continue to take shape.