Gold falls at the level of growth of cryptocurrencies
DeFi market is growing faster than gold, stocks and commodities
Bitcoin will grow amid the conflict between the US and China
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The DeFi boom, which began in early summer, spurred the growth of the entire cryptocurrency sector. Cryptocurrency growth has outpaced precious metals, stocks and commodities, according to Bloomberg.
DeFi Coins Rise Faster Than Gold
The Bloomberg Galaxy Crypto Index for digital coins is up about 66% in 2020, surpassing the jump in gold by more than 20%, as well as the yields on global stocks, bonds and commodities. Bloomberg reports.
The main reason for the growth of the cryptocurrency market is due to the surge in the popularity of DeFi projects. Companies operating in the DeFi industryDecentralized finance (DeFi) is financial services built on blockchain technology that offer users access to open, efficient and … More (decentralized finance) transferring financial functions to the blockchain. People get access to cryptocurrency loans and borrowings, as well as earn interest on deposits at interest that banks never dreamed of. DeFi Capitalization Reaches $ 9 Billion From Less Than $ 700 Million Earlier In The Year.
Investor interest in cryptocurrencies is growing along with the development of the Bitcoin and Ether derivatives market. In particular, the DeFi boom has led to a surge in interest in Ethereum-based contracts. According to Aziz AZainuddin, Director of Products at Fasset, “Retail cryptocurrency users are increasingly turning to derivatives to maximize their profits.”.
However, over the past 24 hours, cryptocurrency markets have lost about $ 20 billion of their value. As a result, their capitalization dipped below $ 315 billion at the time of writing, according to TradingView..
The traditional catalyst for the collapse was the bitcoin rate (BTC). It slipped 5% towards $ 10,400, while the coin retains the potential for further decline, which could be realized at the end of the week amid expiration of futures on the CME. Potentially, it is impossible to exclude the fall of the currency in the area of $ 9,500.
Gold falls to August lows
Gold and silver continue to lose value amid escalating conflict between the United States and China, electoral hype in America and a possible second wave of coronavirus. Most likely, Bitcoin will also react to this situation with a fall. Following silver, the value of the main precious metal also falls.
Gold proved to be a defensive asset during the crisis, but the lack of support from investors led to a fall in the value of the asset. The price of gold fell to $ 1907 per troy ounce, although in August the price of the precious metal approached a record $ 2046.
Ruchir Sharma, chief strategist at Morgan Stanley Investment Management, said that alternative investment vehicles such as gold and bitcoin will continue to rise in value amid an endless supply of money from central banks.
Speaking about alternative investment assets, the chief strategist of the investment company primarily refers to gold and bitcoin, which have strengthened against the backdrop of the coronavirus pandemic. When asked by a journalist about the most profitable investment, Sharma replied that “this is the choice of generations.” In his opinion, older people still buy gold, but millennials prefer to invest in bitcoin..
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