CEX.IO company blog | RESULTS OF THE WEEK (August 10-16): The dollar is losing ground against all currencies, the crypto market is looking at Ethereum

Alexander Yanyuk, CEX.IO Broker finance expert comments:

Last week passed without shocks forfinancial platforms, most assetstraded within the established ranges. For investors, the second wave of coronavirus in the world continues to be the main risk factor, and market participants are hiding from a possible storm in defensive assets such as gold. Despite the fact that gold quotes fell from $ 2,044 to $ 1,953 per troy ounce, the precious metal remains sensitive to news of the pandemic and can shoot out at any moment, creating a map of new all-time highs. On the oil market, Brent quotes were unable to gain a foothold above the psychological mark of $ 45. We expect a corrective decline in the asset to around $ 43 per barrel, followed by a move to $ 50. However, we are considering this scenario in the event that the second wave of coronavirus does not occur in the world. If the world re-plunges into widespread quarantine, and the demand for energy resources decreases significantly, the price of Brent could go below $ 40 per barrel.

There is a downward movement in the foreign exchange marketthe US dollar, which lost positions not only against a basket of major currencies, but also against developing ones. The USD index dropped for the week from 93.41 to 93.08. The Russian currency was also able to regain some of the lost positions from the US dollar. The dollar fell by 1 ruble and on Friday was at around 72.85 against 73.71 at the beginning of the week. Next week, the ruble is likely to continue moving in a broad sideways range of 70-75 per US currency. The ruble may be supported in the near future by the August tax period. Also, if oil quotes manage to avoid any sharp drops, the energy market can act as a good platform supporting the stability of the USD / RUB pair.

On the crypto market during the last weeksluggish dynamics was observed, but at the end of the week, Ethereum had the best result, which was able not only to overcome the $ 400 mark, but also to gain a foothold higher. There is a growing interest among traders in the ETH / USD pair, new money is pouring into the market and long positions are accumulating. The positive sentiment of traders was not knocked down even by high commissions, which on August 13 renewed their all-time high of $ 7.4. At the same time, bitcoin showed only a slight increase, rising from $ 11,764 to $ 11,806 per coin. The weak dynamics of the main cryptocurrency is explained by the lack of significant fundamental factors and movement drivers. However, we expect that Ethereum may well seize the initiative in the cryptocurrency market and in the fall, when news on Ethereum's transition to a new proof of stake algorithm appears, become a benchmark for all cryptocurrency platforms.

Dynamics of main assets for the week (August 10-16)

Brent crude oil rose from $ 44.66 to $ 44.95 (+ 064%)

Gold fell from $2,044 to $1,953 (-4.45%)

The USD / RUB pair fell from 73.71 to 72.85 (-1.16%)

Bitcoin rose from $ 11,764 to $ 11,806 (+ 0.35%)