Which investment in August was a wiser move. Bitcoin, gold or dollars?
Gold, Bitcoin and foreign exchange prices, which are followed by citizens as well as investors, continue to be on the agenda as usual. Especially due to the increase in the exchange rate and the downward wind that has dominated the crypto market recently, people prefer to turn to investment tools.
We discuss the changes in gold and dollar prices between August 15-21, and compare the movements in the Bitcoin market with these assets. All numbers in the article are values at the time of writing.
Commercial use history BC. Dating back to the 500s, Gold has been one of the safe havens for investors for years. Gold, which reached the level of 1038 TL again in the past weeks, entered the week with the level of 1030 TL on Monday, August 15.
Gold, which has been very active throughout the week, fell to the level of 1014 TL on Wednesday, then saw the level of 1030 TL on Thursday, August 18. Then, performing downwards again, gold closed the week at 1015.69.
Gold had become one of the most profitable investment tools for investors by exceeding the level of 1100 TL on 20 December last year, but in the following period, it dropped to the bottom of 220 TL with a serious decrease, leaving the investors who bought it from the top in a difficult situation. Gold, which recovered again in the following days, continued to rise by testing the 900 TL band again on the last day of 2021, and last week, it was traded at the levels of approximately 1010 - 1040 TL in the markets.
From Monday, August 15, until the time the markets closed on Friday, August 19, gold depreciated by about 2.13 percent against the Turkish lira.
The dollar has remained in the double digits since November 17, when it rose above 10 lira for the first time in 2021. Some investors expect volatility in the dollar price, but the price continues to hover within a certain range, causing investors to worry. The question of whether the dollar would rise to the level of 18 TL again was confusing and small investors were negatively affected by this uncertainty, but this uncertainty disappeared and the dollar rose above the 18 TL band again on Thursday, August 18.
The dollar showed a serious decrease due to the foreign exchange plan announced after the level of 18.4 TL. The dollar, which has been trading at 17 TL for a while, entered the week with 17.9 TL on Monday, August 15.
The Dollar, which showed slight fluctuations in the following days, passed the level of 18 TL on Thursday, August 18 and closed the week with 18.08 TL. As of the date of writing, 1 dollar is traded in the markets with 18.01 TL.
From the beginning of this week until the end of the week, the dollar appreciated by exactly 0.67 percent against the Turkish lira.
Bitcoin (BTC) price fluctuated around $20,000 - $25,000 during the week. BTC, which started the week with a level of approximately 24 thousand dollars on Monday, August 15, increased by 3.25 percent on August 17, after recording the lowest levels of the last few days of $ 23,685 on August 16, amid concerns about the future of the US stock markets. Although it hit $24,448, it crashed to $600 less than an hour later.
Already showing signs of weakness, BTC hit even lower levels on the same day, hours before the FOMC released the minutes of its last meeting, and as US stocks began trading. Although Bitcoin showed signs of rising with the release of data showing record-breaking inflation in Europe on August 18, it fell by 6.2 percent in a single hourly candle on Friday, reaching below the $22,000 level.
BTC, which closed the week at about $ 21,100, is trading at $ 21,490 at the time of writing.
From the beginning of last week until the writing of this article, BTC has lost approximately 9.53 percent of its value against the Turkish lira.
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