Gold Slips, Dollar Strengthens, and Cryptocurrencies Maintain Steady Momentum
- Gold price has dropped to $5,007.70 per ounce.
- The US Dollar has reached 97.008 on the Index.
- Cryptocurrencies have moved within a specific range.
Gold and silver prices have come down. The US Dollar has gotten stronger against the basket. All this while cryptocurrencies have maintained a steady momentum despite volatility in the market. Interestingly, JPMorgan has earlier flagged that lower volatility could make bitcoin more attractive in the long-term.
Gold and US Dollar
Gold price has slipped by 0.7% to $5,007.70 per ounce, way closer to the $5k mark. The drop comes in the backdrop of the holiday season in China due to the Lunar New Year and an off day in the US markets due to President’s Day. Silver has also dropped by 0.4% to $77.09 per ounce.
Expert comments on Gold and Silver underline a brief pullback for the mid-term target. For instance, Zain Vawda from MarketPulse by OANDA has stated that they’d pull back the said target from $5,500 to $5,100 or $5,200, as reported by Reuters. Vawda further commented on Silver by saying that a sign of a strong economy often reduces its safe-haven appeal…
As for the US Dollar, it has gained 0.12% strength to reach 97.008 on the US Dollar Index. It previously closed at 96.884 and opened at 96.875 with a day’s range of 96.875 and 97.023.
With all this in the picture, the discussion around a rate cut by the US Federal Reserve has again taken the stage; however, it faces a question about services inflation coming out high in the last report.
Range for Cryptocurrencies
Major cryptocurrencies are moving within a specific range – BTC and ETH, to mention a few. BTC may have shed 2.42% of its value in the last 24 hours, but its movement has been between $67k and $72k over the weekend. The flagship token is now trading at $68,687.77, with a market cap of more than $1.37 trillion.
ETH’s range over the weekend was recorded between $2.1k and $1.8k. Ether is now trading at $1,976.11, significantly down by 3.98% in the last 24 hours. Overall, cryptocurrencies have collectively lost 2.47% in the market cap, and the FGI is now 12 points when the article is being drafted.
BTC and Gold, Earlier
JPMorgan earlier underlined that the lower volatility of bitcoin could make it more attractive than Gold in the long term. Even though Gold has outperformed BTC since October, it has also attracted volatility, as per the report. It adds that Bitcoin tokens could rise to almost $266,000 if they were to match the same volatility.
JPMorgan, in another report, expressed its bullish sentiments on cryptocurrencies when the production cost of BTC reportedly dropped to around $77,000.
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