Bitcoin
BTC$66 008.53

0.43%

Ethereum
ETH$3 550.56

4.03%

Tether
USDT$0.999516

-0.01%

Binance Coin
BNB$605.24

1.60%

Solana
SOL$144.26

1.67%

USD Coin
USDC$1.000068

0%

Bitcoin and gold fall bring back interest to the dollar


08 Sep 2021

#Bitcoin

On Tuesday, the dollar added around 0.5% to a basket of the six most popular currencies on turbulence in some market sectors. The “buy rumours, sell facts” model played out in full force yesterday and may continue to dominate the markets for quite some time. Bitcoin has officially become legal tender in El Salvador. Both media and social media have spurred interest in the event in recent weeks. The price reaching the $53k area triggered big profit-taking, which quickly escalated into a margin call that pushed the price back to $10k at one point.

BTC\USD M15 Timeframe

Bitcoin is profoundly entwined with the financial system, so its volatility affected the overall demand for risk. There was a telling sell-off in precious metals, where gold lost about 1.5% to $1800, while silver and platinum fell over 2%, to $24.2 and $1000, respectively. These metals were pushed back to critical technical levels, once again raising the question that investors are ready to switch to long position liquidation mode very quickly. This was also reflected in the Wall Streets Fear Gauge, the VIX, which jumped 15.7% on Tuesday. Remarkably, the local lows of the index have been increasingly higher since July, which means that the lull in the markets is becoming less and less calm.

The drop in bitcoin and gold and the jump in the VIX points to increased nervousness in the markets. In such an environment, investors often perceive a relatively neutral news backdrop as an excuse to tread carefully to lock in profits. However, the dynamics of the same Bitcoin clearly show how quickly the market can move from this phase to margin calls, when a broad pull into the most liquid and defensive securities is formed, triggering strong demand for the dollar.

VIX Index D1 Timeframe

Historically, September is considered the worst month for the stock market, as funds and investors often lock in profits towards the end of the US financial year. And we already see a clear manifestation of this traction in instruments sensitive to the pull into risky assets.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 89.2% 16 $66 008.53 0.43% -4.83% $1 301 189 948 082 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 78.4% 41 $3 550.56 4.03% -3.37% $423 949 263 016 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $0.999516 -0.01% -0.04% $112 505 427 241 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 80% 33 $605.24 1.60% -11.74% $89 323 205 919 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 80.8% 28 $144.26 1.67% -9.41% $66 605 969 054 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 91.6% 3 $1.000068 0% -0.01% $32 444 207 431 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 82.8% 27 $0.492103 4.73% -0.12% $27 346 377 385 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 77.2% 49 $0.136226 2.14% -6.70% $19 715 144 237 DOGE 7 days price change
9 Toncoin (TON) TON Toncoin predictions 76.4% 50 $7.89 -1.96% 11.78% $19 184 251 963 TON 7 days price change
10 Cardano (ADA) ADA Cardano predictions 82.4% 29 $0.412486 1.85% -5.10% $14 736 231 398 ADA 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 57.2% 94 $0.000021 3.27% -11.23% $12 162 359 944 SHIB 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 77.2% 49 $30.00 1.40% -6.81% $11 797 861 230 AVAX 7 days price change
13 Lido stETH (STETH) STETH Lido stETH predictions 95.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
14 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 93.2% 1 $66 130.63 0.61% -4.68% $10 133 575 688 WBTC 7 days price change
15 TRON (TRX) TRX TRON predictions 84.4% 19 $0.115323 -0.57% 0.39% $10 065 733 271 TRX 7 days price change

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