The altcoins once again demonstrated a peg to the benchmark cryptocurrency, declining by 7-13% within the TOP-10 coins, driving the Bitcoin dominance index up to 64.1%. The primary beneficiary of the sale-off may be the stablecoin Tether (USDT), which is, in fact, a digital safe-haven for holders of cryptocurrencies.
During the periods of sharp fluctuations, investors prefer to wait for the end of the storm in USDT. The stock market and gold are also experiencing bad times at the moment: indices are declining, as well as the precious metal. In this case, it turns out that Bitcoin is neither a counterweight to stocks nor a digital equivalent of gold.
The FxPro Analyst Team