Bitcoin fell 13% on Sunday, another sell-off for the world's largest and best-known cryptocurrency, down nearly 50% from this year's high. On April 14th, Bitcoin hit a year high of $64895.22. There were several triggers behind the Bitcoin sell-off., Elon Musk criticized Bitcoin for consuming a lot of energy, and Tesla said it would no longer accept Bitcoin payments. In addition, the US Treasury is proposing to strengthen tax compliance, with new rules requiring any encrypted transfer to report at least $10, 000 or more to the IRS.

Bitcoin's 30-day historical volatility is about 100, about seven times that of the S & P 500. Bitcoin investors are going through one of the most volatile periods in history, with a steady stream of bad news, with as much as 30 per cent in both directions on Wednesday alone, falling as low as $30016 at one point in intraday trading, the lowest level since January. Still, Bitcoin has risen more than 250% over the past year. Jeff Klearman, manager of the GraniteShares portfolio, said Bitcoin and other cryptocurrencies also fell sharply because of the same uncertainty, dragging down US stocks, which could cause cryptocurrency investors to lose confidence in the idea of cryptocurrency replacing gold and rush to gold as a safe haven.

As the price of Bitcoin fell, new money flowed into gold. "this shows that institutional investors seem to be moving from bitcoin to traditional gold," JPMorgan said. " However, gold prices are currently facing key resistance levels, and analysts believe there may be downside risks to gold prices this week. Gold, which hit a five-month high of $1890.10 last week, closed up 0.22% on Friday and was flat at the start of the week. Gold rose in its third week as investors weighed signs of rising inflation. Lower Treasury yields have also helped boost investor appetite. Talk of scaling back bond purchases has also failed to attract much attention.

This week, focus on the Fed's favorite April core PCE price index, first-quarter GDP correction, initial request, etc., in addition, the Federal Reserve of New Zealand will announce interest rate decisions.

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