Could Bitcoin Reclaim $40,000? The US Dollar Index Has An Answer
Bitcoin logged its worst plunge since March in the previous three sessions, stoking concerns among traders that its overheated price rally is beginning to lose steam. The flagship cryptocurrency plunged 5.18 percent during the weekend and extended its correction by an additional 7.29 percent to $35,388 by 0916 GMT on Monday. At its intraday low, […]
Related News
In 2022, the U.S. dollar has been very strong, despite the global economy’s downturn and the rising inflation worldwide. 12 days ago, the U.S. Dollar Index (DXY) rallied to a high of 114.8 and since then, the index has pulled pack and a recent analysis from economists at Société Générale notes that the index will likely rally back toward the 114.8 high.
Greenback Index Starts Climbing Again After the Recent Pullback, Société Générale Economists See a ‘Prevalence of Upward Momentum’
The U.S. dollar, otherwise known as....
Bitcoin price is down $800 in just over 24 hours, and elsewhere in the finance space, there is pure carnage. Gold fell below $1900, and stocks are downward spiraling. And behind it all is the dollar. But why is the Dollar Currency Index (DXY) potentially responsible for the market-wide collapse and what exactly is driving […]
In the absence of important changes in the Bitcoin intra-day chart, here is an overview of a medium- and long-term strategy from which Bitcoin holders stand to benefit. As traders, we tend to focus on the next wave, and the direction of trend makes little difference if one is margin trading. However, the decision, whether to hold bitcoin or dollars in your trading account needs weighing. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Bitcoin Value and Price Analysis. Time of analysis: 13h40 UTC. Dollar Index vs Bitstamp 1-Day Chart. Excerpt from....
Janet Yellen the Chair of the US Federal Reserve, is expected to announce the lift-off of interest rates from historic lows in its December 15 meeting. A better-than-expected jobs report also raised confidence that the US economy is primed for higher interest rates. But, how does that concern the Bitcoin ecosystem? To understand this in a simple way, let us see how Bitcoin has performed against the US dollar in the past two years. Below is the weekly U. S. Dollar Index chart compared with the BTC-USD pair in the lower section. Image. June 2014 - Feb 2015: Inverse Relation Confirmed. From....
BTC rallies above $21,000 as the US dollar index shows signs of cooling off, but is the wider crypto market beginning to reverse its bearish trend? Federal Reserve Chairman Jerome Powell said in a question and answer session hosted by the Cato Institute on Sept. 8 that the central bank will continue to hike rates until inflation is under control. However, these comments did not rattle the markets as much as most would have anticipated, indicating that traders might have already factored in a 75 basis point rate hike in the Fed’s next meeting on Sept. 20-21.Bitcoin has been strongly....