Bitcoin
BTC$41 764.91

5.09%

Ethereum
ETH$2 240.87

3.51%

Tether
USDT$1.000313

0.07%

Binance Coin
BNB$229.17

0.60%

XRP
XRP$0.619766

-0.92%

Solana
SOL$60.67

-4.53%

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 85.2% 16 $41 764.91 5.09% 13.02% $816 958 395 709 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 85.6% 27 $2 240.87 3.51% 10.77% $269 426 417 504 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.4% 1 $1.000313 0.07% -0.01% $89 675 673 586 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 82.4% 26 $229.17 0.60% 1.05% $34 763 991 649 BNB 7 days price change
5 XRP (XRP) XRP XRP predictions 84% 30 $0.619766 -0.92% 2.75% $33 398 300 450 XRP 7 days price change
6 Solana (SOL) SOL Solana predictions 65.6% 67 $60.67 -4.53% 10.73% $25 742 190 451 SOL 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 94.4% 1 $1.000035 0.07% 0% $24 494 870 773 USDC 7 days price change
8 Cardano (ADA) ADA Cardano predictions 82% 28 $0.403625 2.85% 6.39% $14 252 090 575 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 78.4% 39 $0.087436 3.51% 10.95% $12 424 241 380 DOGE 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 94% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 84.4% 21 $0.103747 0.72% -0.49% $9 183 042 426 WTRX 7 days price change
12 TRON (TRX) TRX TRON predictions 83.6% 19 $0.103194 0.17% -1.13% $9 134 153 771 TRX 7 days price change
13 Chainlink (LINK) LINK Chainlink predictions 74.8% 43 $15.69 -1.55% 10.01% $8 738 451 664 LINK 7 days price change
14 Toncoin (TON) TON Toncoin predictions 84% 22 $2.38 -1.53% -0.88% $8 172 177 871 TON 7 days price change
15 Avalanche (AVAX) AVAX Avalanche predictions 56.8% 87 $21.69 -1.13% 5.69% $7 920 434 235 AVAX 7 days price change

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