Bitcoin
BTC$16 240.61

-1.80%

Ethereum
ETH$1 174.73

-3.19%

Tether
USDT$0.999656

0.01%

Binance Coin
BNB$296.09

-5.68%

USD Coin
USDC$1.000129

0%

Binance USD
BUSD$1.000369

0.01%

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 56.8% 88 $16 240.61 -1.80% 1.41% $312 124 680 527 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 61.6% 86 $1 174.73 -3.19% 4.91% $143 756 826 010 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.8% 1 $0.999656 0.01% 0.08% $65 340 189 558 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 66.4% 66 $296.09 -5.68% 15.44% $47 366 512 227 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 93.6% 1 $1.000129 0% -0.01% $44 316 728 602 USDC 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 91.2% 1 $1.000369 0.01% -0.06% $22 395 787 629 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 61.2% 75 $0.383432 -3.99% 9.04% $19 286 169 244 XRP 7 days price change
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10 Lido stETH (STETH) STETH Lido stETH predictions 91.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 64% 68 $0.822534 -3.82% 3.23% $7 184 273 125 MATIC 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 66% 72 $5.18 -3.91% -0.19% $5 909 367 523 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 92.4% 1 $1.000041 -0.01% 0.02% $5 660 340 456 DAI 7 days price change
14 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 61.2% 79 $0.052693 -0.83% 5.23% $5 357 648 670 WTRX 7 days price change
15 Litecoin (LTC) LTC Litecoin predictions 65.2% 70 $72.15 -6.36% 19.41% $5 174 160 484 LTC 7 days price change

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