Impact of the Strengthening US Dollar on Bitcoin (The Influence of the US Dollar Index on Bitcoin)
The strengthening of the US dollar has an impact on Bitcoin. Bitcoin has surpass
The strengthening of the US dollar has an impact on Bitcoin. Bitcoin has surpassed the $10,000 mark, reaching a two-month high!
While the US dollar is rising, Bitcoin is also influenced by market sentiment. In the past three months since mid-December last year, US stocks have fallen over 60% from their peak, and the US stock market has started to decline and continue to go down. According to Coindesk, February 2019 was one of the worst-performing and most heavily declining quarters in US stock market history. By the end of 2019, global investors suffered economic losses due to events such as the Federal Reserve’s continued interest rate hikes and monetary tightening policies, as well as recent financial market volatility caused by the US President. This has led people to believe that gold ETFs may be beneficiaries in the future.
The Influence of the US Dollar Index on Bitcoin
According to Bitcoinist, the US stock market experienced its most severe decline in nearly three years, and Bitcoin fell again after breaking the support level of $40,000 on Wednesday. The relationship between the US dollar index and BTC has always been of concern, but their price fluctuations are still significant compared to other asset classes.
Statistics show that on March 30, 2019, when global stock market prices were rising, the US dollar to euro exchange rate rose from 1 and above to its highest level. However, since then, the US dollar against the euro has depreciated significantly. It is currently around 700 cents (slightly over $4) which has some impact on the US dollar’s relationship with BTC. Therefore, as more and more investors start to invest in cryptocurrencies, they will see more risk preferences entering this field. However, if we consider the functional part of the US dollar as a global reserve currency, it may not directly bring any substantial positive factors.
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