Dogecoin Rockets 30% as Crypto Traders Flee Bitcoin, Ethereum
2021-05-04 19:00:00
Rich Dvorak,
Analyst
DOGECOIN (DOGE/USD), BITCOIN (BTC/USD), ETHEREUM (ETH/USD) – CRYPTO NEWS & PRICE OUTLOOK
Dogecoin price action is exploding higher today with the crypto up 30% to trade near $0.60
Bitcoin continues to lag across major cryptocurrencies as BTC/USD paces a -5% decline
Ethereum peeling back from all-time highs looks driven by rotation into other alt-coins
Volatility has accelerated across asset classes during Tuesday’s trading session and the cryptocurrency space is no exception. Dogecoin (DOGE/USD) spiked 30% higher to a fresh record above the $0.60-price level. The massive influx of demand for Dogecoin even crippled the Robinhood’s platform, though trading has since come back online. The largest crypto by market cap, Bitcoin (BTC/USD), is down about -5% intraday and on the month.
MORNING BID-Driving down the recovery highway Reuters 5/4/2021
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With the U.S. economic recovery story firmly entrenched into the market mindset, Monday s softer-than-expected U.S. manufacturing report pushed Treasury yields lower and toppled the dollar from multi-week highs. On the other hand, there were upbeat earnings, news of cities reopening, and a dovish Federal Reserve, all of which are keeping the tone relatively positive.
What s more, the data from the Institute of Supply Management (ISM) showed that rising costs and capacity pressures undermined output rather than any hit to demand. South Korean export data and German retail sales figures have broadly confirmed that trend.
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Silver Price Analysis: XAG/USD bulls catch a breather around $27.00 after biggest run-up in three monthsNEWS |
5/4/2021 12:25:04 AM GMT | By Anil Panchal
Silver eases inside a 20-pip trading range following the previous day’s heavy rise.
S&P 500 Futures print mild losses after Wall Streeet’s downbeat close.
Strong RSI, sustained trading beyond the key SMA confluence favor bulls.
Silver attacks the lower end of the immediate trading range below $27.00, around $26.85 by the press time of Tuesday’s Asian session. The white metal jumped the most since early February the previous day before recently easing on mildly offered S&P 500 Futures.
5/3/2021 4:32:03 AM GMT | By Anil Panchal
EUR/USD remains pressured as the US dollar holds Friday’s gains amid a quiet session.
US Treasury Secretary Yellen pushes for Biden’s plan, Kaplan takes the lead to discuss tapering.
Sluggish markets amid off in China, Japan await German Retail Sales for March.
US PMIs for the last month, jitters surrounding Russia, China will also be the key.
EUR/USD sellers attack intraday low of 1.2018 ahead of Monday’s European session open. In doing so, the currency major pair fades the early Asian bounce off a one-week low as the US dollar extends Friday’s run-up.