Bitcoin rejects $40K as US dollar strength hits 20-year high
The U.S. dollar currency index breaks through resistance to hit its highest level since 2002 — to the detriment of practically everything. Bitcoin (BTC) made a fresh bid to crack $40,000 on April 28 as Wall Street trading opened to twenty-year highs for U.S. dollar strength.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewDXY now in "parabolic rally"Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting a high of $39,883 on Bitstamp before momentum waned, sending the pair $800 lower hours later.Traders had predicted what they saw as a relief bounce, with the....
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The US dollar index, which tracks the greenback's strength against the strongest global foreign currencies, broke below a crucial upward sloping support.
Nothing can keep the U.S. dollar index (DXY) down this year, and concerns over its impact on assets beyond crypto are spreading. Bitcoin (BTC) found a new focus just under $20,000 on July 14 as U.S. dollar strength hammered out yet another two-decade high.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewDXY moves bring yen, euro into focusData from Cointelegraph Markets Pro and TradingView showed BTC/USD rebounding from lows sparked by a fresh 40-year high for U.S. inflation as per the Consumer Price Index (CPI).After briefly dipping under $19,000, the pair took a flight above....
The Fed rate hike does not offer much relief as a downtrend in stocks resumes, dragging Bitcoin with it. Bitcoin (BTC) ran out of steam near $23,000 on June 16 after the biggest United States key rate hike in nearly thirty years.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewDollar strength wobbles after rate hike newsData from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching highs of $22,957 on Bitstamp after the Federal Reserve confirmed a 0.75% hike in June — its largest since 1994.Momentum did not last long, however, and at the time of writing, the pair had....
The recent nerves in the stock market and macro world has caused the dollar to surges to a new 2021 high, just as Bitcoin continues to set new records. But is the greenback’s awakening a dangerous situation for cryptocurrencies, or is something else afoot? BTC Barely Reacts As DXY Taps New 2021 High Bitcoin price is in price discovery mode, after breaking its former high set earlier in the year. The cryptocurrency is pitched as a replacement for gold, and even the dollar – the current global reserve currency. Cryptocurrencies, commodities, and everything else are priced in dollars....
The benchmark cryptocurrency logged yet another record high on Sunday, hitting $28,387 as traders/investors measured its strength against the US dollar.