CEX.IO company blog | Results of the week (February 8-14): Elon Musk blew up bitcoin quotes

Alexander Yanyuk, CEX.IO Broker finance expert comments:

Brent oil remained in the range at the end of the week$60-62, indicating uncertaintyinvestors in a further sharp upward movement. Most likely, market participants are waiting for new reports regarding the epidemiological situation in the world in order to quickly adjust their portfolios if necessary. At the end of trading last Friday, the gold rate was at $1,824.55 per troy ounce. As we expected, quotes for the precious metal continued to be within the $100 range, limited by the levels of $1,800 - 1,900.

The USD/RUB pair fell from 74.62 to 73.71.The ruble was not affected in any way by maintaining the Central Bank rate at 4.25%, despite the IMF recommendations to lower the key rate. In our opinion, the balance of risks is on the side of further strengthening of the Russian currency. Quotes of the EUR/RUB pair will depend not only on the strength of the Russian currency, but also on the dynamics of the EUR/USD pair. Last week, the value of the euro continued to remain within the range of 89-90 rubles, and most likely will be inclined to maintain this range.

The hype continued on cryptocurrency exchanges,associated with two factors: the purchase of $1.5 billion worth of bitcoins by Elon Musk’s Tesla and the release of the ETH/USD pair on the CME (Chicago Mercantile Exchange). The BTC/USD pair traded above $49,500 for the first time in its history, ETH/USD consolidated at $1,805. According to the CEX.IO exchange, the BTC/RUB pair ended last week with growth and remained at 3,516,579.

Asset dynamics for the week (February 8-14):

- Brent oil rose from $ 59.43 to $ 62.66 (+ 5.43%)
— Gold rose from $1,818.10 to $1,824.55 (+0.35%)
— The USD/RUB pair fell from 74.62 to 73.71 (-1.22%)
— The EUR/RUB pair fell from 89.95 to 89.32 (-0.70%)
— Bitcoin rose from $39,228 to $48,785 (+24.36%)
— Ethereum rose from $1,676 to $1,805 (+7.69%)