The US Dollar and Bitcoin continue to dominate. For a brief moment it looked as though competing currencies had been offered a reprieve from the Greenback’s relentless onslaught, but alas it wasn’t to be. The DXY seized 107 yesterday – a new high for the year. The Euro decisively lost $1.05 and looks precarious to say the least. Cable has weathered the storm a little better but has also lost considerably, now down to $1.26.
The Dollar may be showing considerable strength, but pales in comparison to the surge we are currently seeing in Bitcoin, which added another $4k to its tally yesterday to breach $98k. While many traders are asking the obvious question of when Bitcoin will enter six figure territory, other traders are wondering when the rest of the crypto market will catch up. Altcoins have been bleeding heavily against BTC for well over two years at this point, with no end in sight. Historically, the alt market has rallied in earnest only once Bitcoin has settled down after establishing a new all-time high. However, as crypto becomes increasingly intertwined with traditional finance, the old patterns become less reliable.
A much more reliable trade has been the flight to gold as tensions between Russia and the West re-escalate. Events stepped up a notch yesterday after Russia launched an ICBM towards Ukraine, in response to Western-made long-range missiles used against it. Gold is up 4% this week, closing just shy of $2,670 an ounce on Thursday. Oil has experienced a similar rise this week but remains close to yearly lows.
Advertencia de riesgos : Productos derivados del trading y productos potenciados poseen un nivel más alto de riesgo.
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