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US Dollar Takes Big Hit, Gold Surges, & Bitcoin Continues Sideway

Avatar newsbtc 2 years ago

A lot of interesting things are happening in the world of finance right now. It appears the US Dollar bull run is finally showing some signs of weakening. In fact, the US Dollar is tanking in value right now. At the same time, demand for bullion is on the rise once again. Unfortunately, none of this news is doing much for Bitcoin, as the cryptocurrency remains stuck in sideways action for now.

Investors were quite surprised to see the US Dollar lose value all of a sudden. Then again, the retail sales and inflation data released this week do not bode well for the US economy. It is evident things are not progressing as nicely as the Federal Reserve wants everyone to believe. In fact, the financial institution feels the next interest rate hike is long overdue despite the negative outlook. It is all a matter of who you choose to believe these days.

US Dollar Tanks due to Disappointing Data

Rest assured the market is clearly showing their interpretation of these figures. The US Dollar is taking a big dump right now, which is only to be expected. As demand for the US Dollar plunged investors will flock to different asset classes. No one will be surprised to see gold and silver are in rather high demand right now. It is only a matter of time until the prices pick up for both silver and gold. These safe-haven assets always perform well when fiat markets turn red.

A price surge for both gold and silver is quite interesting, though. This momentum clearly highlights there is a growing concern over the US Dollar moving forward. It is possible this is only a temporary blip on the radar, albeit experts are not too convinced. Things have been looking dire for the US Dollar for quite some time now. It has taken a while before the markets caught up with what has been speculated upon for over two months now.

For those who think the falling US Dollar is good for Bitcoin, you might want to rethink that assessment. Right now, the Bitcoin price is tanking as well. This has been a recurring theme over the past few days. It is evident Bitcoin will not reach US$3,000 anytime soon at this rate. In fact, it appears getting past US$2,850 is more than the market can handle right now. The coming weeks will certainly be quite interesting across all of finance, including cryptocurrency.

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