Bitcoin Eyes $20K Because “Excess Dollar Liquidity” is Still in System
The cryptocurrency was among the biggest beneficiaries after the Federal Reserve flooded global markets with excessive greenback liquidity through a flurry of emergency facilities to curb the coronavirus pandemic's economic impact.
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A gloomy outlook for the US dollar is leaving Bitcoin with a potential to continue its bull run towards $20,000.
Paolo Ardoino alleged some hedge funds are trying to create pressure “in the billions” to “harm Tether liquidity” so that they can eventually buy back tokens at a much lower price. Tether chief technology officer Paolo Ardoino has confirmed that the stablecoin has been the subject of a “coordinated attack” by hedge funds looking to short sell the dollar-pegged crypto asset. Speaking to his 151,600 Twitter followers on Monday, June 27, the Tether executive was responding to reports that hedge funds have been borrowing millions in loans to short USDT since the collapse of Terra (LUNA) in....
Bitcoin fell extremely hard over the weekend and into Monday after reaching $42,000 last week. The cryptocurrency’s drop came as the U.S. dollar index bounced around 0.7%. The recovery taking place now also coincided with a drop in the U.S. dollar index. Analysts say that it’s important to keep an eye on this market moving forward. Bitcoin Could Lose Even More as U.S. Dollar Hits Key Level Bitcoin fell extremely hard over the weekend and […]
Bitcoin prices fell for the third consecutive session on Tuesday as a stronger US dollar countered the US Senate's approval of a long-pending coronavirus stimulus package.
In their “Flows & Liquidity” report, JP Morgan analysts say institutions are piling into bitcoin at a stronger pace this quarter than they were in Q3 and may have a bigger role in price movement than quantitative traders.