Bitcoin
BTC$56 597.84

0.02%

Ethereum
ETH$4 534.44

0.45%

Binance Coin
BNB$615.05

-0.52%

Tether
USDT$0.999922

-0.11%

Solana
SOL$229.99

1.84%

Cardano
ADA$1.68

9.21%

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 70.8% 54 $56 597.84 0.02% -2.11% $1 069 110 914 215 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 78.8% 32 $4 534.44 0.45% 2.60% $537 714 464 810 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 82% 34 $615.05 -0.52% -0.78% $102 591 233 401 BNB 7 days price change
4 Tether (USDT) USDT Tether predictions 90.8% 1 $0.999922 -0.11% -0.02% $74 097 385 848 USDT 7 days price change
5 Solana (SOL) SOL Solana predictions 73.2% 59 $229.99 1.84% 12.37% $70 293 229 055 SOL 7 days price change
6 Cardano (ADA) ADA Cardano predictions 64.8% 75 $1.68 9.21% 2.23% $55 845 098 060 ADA 7 days price change
7 XRP (XRP) XRP XRP predictions 64.8% 71 $0.970687 -0.09% -5.74% $45 862 358 765 XRP 7 days price change
8 USD Coin (USDC) USDC USD Coin predictions 94% 2 $0.999273 -0.16% 0% $39 029 760 115 USDC 7 days price change
9 Polkadot (DOT) DOT Polkadot predictions 65.2% 77 $35.59 0.33% -8.31% $35 148 840 556 DOT 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 59.2% 80 $0.208482 1.43% -4.03% $27 594 437 999 DOGE 7 days price change
11 Terra (LUNA) LUNA Terra predictions 67.6% 68 $68.76 7.59% 58.84% $26 665 900 349 LUNA 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 62% 75 $107.28 -8.37% -7.50% $24 025 719 841 AVAX 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 63.2% 78 $0.000041 -3.40% -1.27% $22 608 519 815 SHIB 7 days price change
14 Crypto.com Chain (CRO) CRO Crypto.com Chain predictions 60% 89 $0.690511 -3.01% -9.31% $17 444 393 551 CRO 7 days price change
15 Polygon (MATIC) MATIC Polygon predictions 71.6% 63 $2.12 0.69% 14.13% $14 863 184 838 MATIC 7 days price change

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