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Bitcoin Turns Positive, Oil Rebounds as Gold Crashes

Babafemi Adebajo
Babafemi Adebajohttps://www.definitionsbyadebajo.com

Femi is a freelance content writer with adequate experience creating content for online and offline media across different niches including technology. When he is not writing, you can find him trying out new technology or reading.

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Bitcoin

Bitcoin initially plunged and pared losses following Christopher Waller’s public skepticism over the Federal Reserve attempting to create a new digital currency. The Federal Reserve Governor criticized the stablecoins and argued that a Fed central bank digital currency (CBDC), would only shut out commercial banks and threaten the existent division of labor that already works perfectly within the financial system.

While the entire cryptocurrency world relishes the idea, waiting and still hoping that the Fed creates this digital currency, this continued hesitancy has ensured Bitcoin/Ethereum continues to establish its dominance.

Earlier news also revealed that JPMorgan is creating a Bitcoin fund for wealthy clients. The news, however, was not enough to help BTC break above the $40,000 barrier as the market is already fixated on the ‘would-be’ fate of the dollar from tomorrow’s employment report.

Oil 

WTI Oil is presently scrambling as the risk level remains on the wild side on Wall Street after trade data revealed an improved US crude export in June. India also demanded US crude twice, indicating that demand for crude will undoubtedly surge once the country goes over the delta variant.

Today’s oil price gain was modest though as crude demand outlook seemed to be taking a serious hit. Recall, the delta variant is spread across 15 provinces in China, and Chinese vaccines have proven to be less effective than mRNA vaccines, hence, the slow gain could be a direct implication of this.

WTI Oil will likely establish between $67 to $71 up until tomorrow’s employment report. The employment report will possibly determine the next major movement of the dollar.

Gold 

Gold prices have plunged towards the $1,800 mark when Treasuries extended declines as stock nears a record high limit. From all indications, the gold market seems to be in full preparation for a rather impressive report of nonfarm payroll.

Today’s unemployment report showed that over a million people have stopped claiming their unemployment benefits. Fed’s Waller also corroborated this by stating that he expects the July employment report to show very high numbers for jobs.

Although Gold currently looks vulnerable as the yield curve continues to steep further, Gold is likely to go back and forth around the $1,800 mark pending tomorrow’s nonfarm payroll report.

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