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.
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.
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.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||56.8%||88||$16 240.61||-1.80%||1.41%||$312 124 680 527|
|2||ETH||Ethereum predictions||61.6%||86||$1 174.73||-3.19%||4.91%||$143 756 826 010|
|3||USDT||Tether predictions||94.8%||1||$0.999656||0.01%||0.08%||$65 340 189 558|
|4||BNB||Binance Coin predictions||66.4%||66||$296.09||-5.68%||15.44%||$47 366 512 227|
|5||USDC||USD Coin predictions||93.6%||1||$1.000129||0%||-0.01%||$44 316 728 602|
|6||BUSD||Binance USD predictions||91.2%||1||$1.000369||0.01%||-0.06%||$22 395 787 629|
|7||XRP||XRP predictions||61.2%||75||$0.383432||-3.99%||9.04%||$19 286 169 244|
|8||DOGE||Dogecoin predictions||59.2%||89||$0.096021||-0.86%||27.21%||$12 739 192 925|
|9||ADA||Cardano predictions||61.6%||81||$0.306128||-3.70%||0.94%||$10 541 165 942|
|10||STETH||Lido stETH predictions||91.2%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|11||MATIC||Polygon predictions||64%||68||$0.822534||-3.82%||3.23%||$7 184 273 125|
|12||DOT||Polkadot predictions||66%||72||$5.18||-3.91%||-0.19%||$5 909 367 523|
|13||DAI||Dai predictions||92.4%||1||$1.000041||-0.01%||0.02%||$5 660 340 456|
|14||WTRX||Wrapped TRON predictions||61.2%||79||$0.052693||-0.83%||5.23%||$5 357 648 670|
|15||LTC||Litecoin predictions||65.2%||70||$72.15||-6.36%||19.41%||$5 174 160 484|
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2022 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.