As Bitcoin collapses, do gold and the dollar shine, and what about Wall Street? By Investing.com

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© Reuters.

Investing.com – Some may see it as a favorable opportunity for gold or the dollar to record acceptable highs in the midst of the declines that ravage the fierce competitor.

Bitcoin fell by more than 17%, down to levels of 45.5% in a thousand dollars, while the market value of Bitcoin fell to levels of 848 billion dollars.

Bitcoin’s losses increased to more than $ 225 billion in less than 48 hours, and its losses exceeded 22% of its value in less than two days.

However, the dollar continues to move within a cross channel that tends to descend during those moments, as their transactions fluctuated today, Tuesday, between rising timidly to a slight decline.

During that time, gold rose slightly by less than 0.1%, gaining one dollar, to record the price of an ounce of gold at $ 1809, while gold fell to levels of $ 1802 as the lowest price for the day, while it rose to levels of $ 1815, the highest price.

Regarding the performance of the dollar, it rose slightly by about 0.1% to 90.1 levels against the basket of major currencies, supported by the increase against and by about 0.1%.

The dollar index fell during today’s trading to 89.9 levels, the lowest level, while the level of 90.19 came the highest level so far.

While Wall Street Futures fell, en masse, and in the meantime, it appears that Wall Street index futures are not doing well, awaiting Powell’s testimony.

Where it fell 1.7%, while it declined by 0.77%, while the index fell 0.3%.

The markets are awaiting the testimony of US Federal Reserve Governor Jerome Powell before the Senate Banking Committee.

Powell will face the difficult task of expressing confidence in the economic recovery while maintaining poor expectations in his semiannual testimony before Congress.

Which may increase pressure on the performance of the dollar in the currency market during the next two trading days, and this may be reflected positively on.

Gold prices recorded strong gains with the passage of trading on Monday, which exceeded about $ 30 an ounce and is trading near the levels of $ 1810.

This coincided with the weakness of the US dollar and the new developments regarding the huge US stimulus package.

This coincided with the positive statements about the stimulus package, as US Treasury Secretary Janet Yellen said that the financial stimulus aims to ensure people’s lives.

And that livelihoods are not affected by the Corona epidemic, and that the success of the stimulus package means the return of unemployment to pre-crisis levels and the restoration of jobs in the service sector.

In addition, the stimulus package aims to boost aid to citizens.

These statements reinforced the weakness of the US dollar and reported gold prices during trading, as positive developments around the stimulus package always have a temporary negative impact on the dollar.

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