Cryptocurrencies and stocks declined, but other assets were mixed. After making new highs last week, the CCi30 fell 18.3% and Bitcoin dropped 17.4%. Commodities made the largest gains, with coffee rising 6.8%, and cotton gaining 5.8%.
The Japanese Yen was the strongest national currency, advancing 0.3%, and the Chinese Yuan was the weakest, declining 0.8%. US Dollar cash and short term notes fell 0.4%, while long term bonds rose 0.2%.
Cryptocurrencies continued their pullback, led by the broad 30 crypto index, which dropped 18.3%. A large part of that drop was due to Bitcoin, which fell 17.4% to close at 891.9 grams. Not everything in the crypto space was in the red, however. Bitcoin's percentage of total crypto market cap has declined to 52.7% from a high of 72.6% at the start of 2021. Part of this decline is due to the relative strength of Ethereum and its DeFi and NFT offspring, but also to the rise of privacy coins like Monero (XMR, up 1.1%) and Pirate Coin (ARRR, up a whopping 419.1% this week).
Stock markets were all lower, led by the Japanese Nikkei, down 2.0%, and the HUI gold stock index, off 1.0%. The European STOXX50 gave up just 0.3%. In the US, the S&P 500 outperformed the Dow Industrials, falling 0.5% while the Dow lost 0.9%.
Commodities were mostly higher; the exceptions were crude oil, down 2.0% and silver, off 0.5%. Coffee and cotton were the strongest (both in the commodity group and overall) rising 6.8% and 5.6% respectively. Palladium also outperformed, adding 4.8%.
Year over year, cryptocurrencies continue to dominate, especially Ethereum, which is up 1,142.6%. Outside of crypto, crude oil is the best performing asset, rising 267.0%, followed by copper, up 83.3%. Long term bonds are showing the most red ink; they've fallen 18.9%. The Japanese Yen, down 3.0%, and the US Dollar, off 2.6%, are next on the list of under-performers.
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