CEX.IO company blog | Weekly results (January 11-17): markets fell in anticipation of the effect of vaccination

Alexander Yanyuk, CEX.IO Broker finance expert comments:

Despite the decline in Brent oil prices fromlevel of $56.24 per barrel to $54.84, exchange rateblack gold remains above $50. For the energy market, a drawdown of $3-5 is currently not critical, so the positive forecast for oil remains valid. Gold also ended last week with a decline, settling at $1,827 per troy ounce. Investors, encouraged by the early development of a large number of COVID-19 vaccines, are now closely monitoring the effectiveness of their use in various countries.

The Russian ruble ended last week aton a positive note, strengthening against the US dollar to 73.63 from 74.16. The EUR/RUB pair fell from 90.66 to 88.92, indicating the strength of the Russian currency. We continue to adhere to the positive scenario for developments in the Russian currency, and we believe that as long as the USD/RUB pair is below 75, the ruble is inclined to strengthen against both the American dollar and the euro.

The cryptocurrency market ended last week innegative zone. Bitcoin quotes corrected from the $40,000 level and ended the week near $35,740, thus losing a little more than 10%. Ethereum turned out to be more stable, the ETH/USD pair dropped from $1,275 to $1,231—Ethereum’s loss amounted to less than $50 in a week. Most likely, the cryptocurrency asset market has currently found an equilibrium point, however, fixing BTC/USD quotes below $38,000 increases the likelihood of a correction scenario up to the level of $25,000 by March.

The dynamics of fixed assets for the period January 11 - 17:

— Oil fell from $56.24 to $54.84 (-2.49%)
— Gold decreased from $1,849 to $1,827 (-1.19%)
— The USD/RUB pair fell from 74.16 to 73.63 (-0.71%)
— The EUR/RUB pair fell from 90.66 to 88.92 (-1.92%)
— Bitcoin fell from $40,000 to $35,740 (-10.65%)
— Ethereum decreased from $1,275 to $1,231 (-3.45%)