$3.6 trillion evaporates in 90 minutes.. What does Russia's return to using the dollar mean and its impact on global markets?

Global financial markets experienced a sharp decline, resulting in the disappearance of about $3.6 trillion in market value within just 90 minutes, in one of the fastest downturns the markets have seen recently.

Key losses:

Gold fell by 3.76%, wiping out approximately $1.34 trillion of its market value.

Silver dropped by 8.5%, losing around $400 billion in value.

The S&P 500 index declined by 1%, with losses totaling $620 billion.

The Nasdaq index fell by more than 1.6%, evaporating about $600 billion.

The cryptocurrency market decreased by roughly 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's strength after a period of relative weakness, following reports indicating that Russia is considering returning to using the US dollar within a broad economic partnership with US President Donald Trump, according to Bloomberg.

According to the report, this potential partnership may include:

US-Russia cooperation in the fossil fuel sector.

Joint investments in natural gas.

Partnerships in offshore oil and strategic raw materials.

Potential gains for American companies.

Russia's return to the US dollar settlement system.

How will global markets be affected?

Analysts believe that any concrete move in this direction could enhance the dollar's global position, prompting investors to shift toward dollar-denominated assets, primarily US bonds, benefiting from their high yields, instead of holding commodities, precious metals, or even stocks.

If these developments are confirmed, they could have a broad impact on capital flows, global market balances, and the international economy's trajectory in the coming period.

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