The recent sharp fall in Bitcoin has led to a steady outflow of money from the encryption market, and the gold market, one of the safe havens of these funds, and the current cryptocurrency decline shows no sign of stopping, which has also led to support for gold prices in the near future. Bitcoin continued to fall sharply over the weekend after falling below $36000 on Friday. It has fallen by 40% since May. If this trend continues, Bitcoin is likely to have its worst monthly performance since September 2011.

Ulrik Lykke, executive director of ARK36, a cryptocurrency hedge fund, said Bitcoin is currently in some kind of dormant mode, trading between $34000 and $40, 000, and many traders admit that prices appear to be fluctuating within the range, which is why they may be hesitant.

The South Korean government issued a statement calling on South Korea to strengthen the management of cryptocurrency operators and improve the transparency of transactions, and that cryptocurrencies "cannot be recognized as currencies or financial products." At the same time, South Korea will tax income from cryptocurrency transactions from May 2023. A senior official at the Irish central bank warned that the growing popularity of cryptocurrencies such as Bitcoin was "very worrying". The head of the bank's financial behaviour regulator said: cryptocurrency assets are speculative and unregulated investments and "people should" really realise that they may lose all their investments.

Market analysts said the factors that stimulated Treasury yields in the first quarter dissipated temporarily, suggesting that the next sell-off may not occur until real yields and inflation prices rebound. The yield on 10-year Treasuries hovered around 1.60 per cent after inflation expectations slowed. At the same time, real interest rates and maturity premiums have fallen, weakening the bearish momentum in long-term bonds. Simulations based on factors such as real interest rates, inflation expectations and economic growth expectations show that 10-year real interest rates and five-year swaps need to be 30 basis points higher than they were at the close of trading last Monday before the key nominal interest rate can approach 2 per cent.

Today, real interest rates are close to record lows, both in absolute terms and in forecasts of economic growth. The gap between this year's GDP growth forecast (6.50%) and the 10-year real rate of return is about 736bp, the biggest difference recorded in the 2000s.

Although the Fed has made it clear that inflation is temporary, it will still cause panic if the actual inflation figures are much higher than economists expected (factors such as the base effect have been taken into account). While Fed officials' current monetary policy stance and recent statements have put the discussion of curtailing bond purchases on hold for the time being, the renewed debate over the Fed may be the driving force the market needs to push yields higher.

To be sure, as of last Monday, 10-year Treasuries were trading 30 basis points lower than forecast, suggesting that the market is still biased towards higher yields. The decline in fair value does not rule out that it is a technical factor, and if the economy recovers further, yields may continue to rise.

In the past two months, the rapid deterioration of the second wave of COVID-19 epidemic in India has become the most high-profile event in the global fight against the epidemic. The epidemic has led to the closure of many factories in India and the plight of many local enterprises and multinational corporations.

The rapid spread of the epidemic has overwhelmed India's health care system, with shocking images of people burning bodies in parks, along the Ganges and on the streets. At present, more than half of the local governments in India have chosen to "close the city", production and life have shut down one after another, and many pillar industries in India are also facing a serious impact.

The second outbreak of the epidemic, superimposed by the strong demand for clothing after the liberalization of overseas economic activities, led to the transfer of a large number of textile orders in Europe and the United States. From April last year to March this year, India's textile and clothing exports fell 12.99% compared with the previous year, from US $33.85 billion to US $29.45 billion. Of this total, clothing exports fell by 20.8%, and textile exports fell by 6.43%.

In addition to the textile industry, India's mobile phone industry has also been hit. According to foreign media reports, more than 100 workers have been diagnosed with infection at a Foxconn factory in India, and the production of iPhone processed by the factory has been reduced by more than 50%.

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