$3.6 trillion evaporated in 90 minutes.. What does Russia's return to using the dollar mean and what impact does it have on global markets?
Global financial markets witnessed a sharp decline, leading to the evaporation of about $3.6 trillion in market value in just 90 minutes, marking one of the fastest downward trends seen in the markets recently.
👈Key losses:
📌Gold fell by 3.76%, resulting in the loss of about $1.34 trillion in market value.
📌Silver dropped by 8.5%, losing nearly $400 billion in value.
📌The S&P 500 index declined by 1%, with losses reaching $620 billion.
📌The Nasdaq index fell by more than 1.6%, resulting in the evaporation of about $600 billion.
📌The cryptocurrency market decreased by about 3%, with an estimated loss of $70 billion in market value.
👈What happened?
This sudden decline is attributed to the resurgence of the US dollar after a period of relative weakness, following reports indicating that Russia is considering returning to the use of the US dollar as part of a broad economic partnership with US President Donald Trump, according to Bloomberg agency.
According to the report, this potential partnership may include:
📌US-Russian cooperation in the fossil fuel sector.
📌Joint investments in natural gas.
📌Partnerships in offshore oil and strategic raw materials.
📌Potential gains for US companies.
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